Is the fact that my solicitor in South London is not listed on my lender's solicitor panel that there is a problem with the quality of his work?
That would more than likely be an incorrect assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the South London conveyancing practice and enquire why they are no longer on the approved list for your lender.
All was ready to complete my purchase in South London next Monday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These obligations are not limited to conveyancing in South London.
My father pointed out to me me that in purchasing a property in South London there may be a number of restrictions as to what one can do in terms of external alterations to a property. Is this right?
There are a number of properties in South London which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in South London should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Please help - my lawyer says that missing deeds insurance is required on my purchase. What is the typical level of cover needed for conveyancing in South London?
The appropriate level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Barclays and Leeds Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
When it comes to mortgage companies such as Nationwide, do South London lawyers incur a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
How does conveyancing in South London differ for new build properties?
Most buyers of new build premises in South London approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is finished. This is because developers in South London tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in South London or who has acted in the same development.
Am I better off to appoint a South London conveyancing solicitor based in the area that I am purchasing? We have a good friend who can execute the legal work however they are based over three hundred kilometers away.
The primary upside of using a local South London conveyancing firm is that you can attend the office to execute paperwork, hand in your ID and apply pressure on them if necessary. They will also have local knowledge which is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and the majority were content that must trump using an unknown South London conveyancing lawyer solely due to them being based in the area.