My husband and I are hoping to purchase a flat in Southall and have appointed a Southall conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Bank of Scotland have this afternoon contacted us to inform me that they have now hit a problem as our Southall conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional 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 property lawyer 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Southall solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
The sellers of the home we are looking to purchase hired a conveyancing solicitor in Southall who has insisted on a preliminary agreement with a deposit two thousand pounds. Are such arrangements promoted for Southall conveyancing transactions?
There are a couple of primary downsides with entering into any lock out agreement (also termed a no-shop agreement) is that it takes away the focus from moving forward with the conveyancing work, so in the absence of it needing limited or no negotiation then it may transpire to be a hindrance. It is not strongly advocated amongst Southall conveyancing lawyers for this reason. The other main issue is the extent of the remedies available - an aggrieved buyer should not expect to obtain injunctive relief to prevent the owner selling to an alternative purchaser, so the only remedy available under the contract will be the recovery of abortive charges and, in restricted circumstances, the extra payment of damages.
As someone not used to conveyancing in Southall what’s your top tip you can give me for the home moving process in Southall
You may not hear this from too many lawyers but conveyancing in Southall or throughout England and Wales is an adversarial process. Put another way, when it comes to conveyancing there exists an abundance of room for confrontation between you and others involved in the ownership transfer. E.g., the seller, property agent and on occasion the mortgage company. Choosing a law firm for your conveyancing in Southall is a critical decision as your conveyancer is your adviser, and is the SOLE person in the legal process whose interest is to act in your best interests and to protect you.
We are witnessing a definite ongoing adversarial element to conveyancing- someone must be at fault for the process being so protracted. We recommend that you your first instinct should be to trust your solicitor ahead of the other parties in the home moving process.
How does conveyancing in Southall differ for newly converted properties?
Most buyers of new build property in Southall approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Southall tend to acquire the land, 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 Southall or who has acted in the same development.
Hoping to buy a property located in Southall and I am already nervous. I couldn't find anything specific about Southall. Conveyancing will be needed in due course but do you know about the Southall area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Southall. In the meantime here are some basic statistics that we found