My husband and I are planning to buy a house in South London and are in fact using a South London conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Santander have this evening contacted us to advise us that they have now hit a problem as our South London conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own South London solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I am in a contract race with another buyer for a property in South London. What can I do to speed up the buying process?
Where you are under pressure for your conveyancing it is advisable to make sure that your conveyancer is familiar with the location as they will have local relationships and intelligence. It is even conceivable that they could have handled previoushouses in the same road. Therefore consider using a South London conveyancing firm. Second, check that the conveyancing firm is on the on the approved list for your mortgage company. It is understood that nearly one in five of South London conveyancing transactions are delayed or jeopardised after discovering a buyer’s conveyancer was not on their banks panel. In many cases this discovery resulted in the legal transfer of property being frustrated by an average of 21 days. It is estimated that this issue affects in the region of one hundred thousand home sales every year. Many South London conveyancing firms can not act for certain lenders so do check at the outset.
We are purchasing a apartment in South London. It might be a silly question but how we can trust a conveyancer? On completion day we have to put money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Can you point me to a directory of Principality panel conveyancers in South London on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings viewable online. If you are in need of a South London solicitor on the Principality please make the most of our facility.
I have decided to exercise my right to buy my property in South London off the council. I have a mortgage agreed with Clydesdale. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
I am looking for a flat up to £235,500 and identified one near me in South London I like with a park and station in the vicinity, however it's only got 49 years on the lease. There is not much else in South London for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I am looking into buying my first house which is in South London and I am already nervous. I couldn't find anything specific about South London. Conveyancing will be needed in due course but do you know about the South London area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at South London. In the meantime here are some basic statistics that we found