Is the fact that my conveyancer in Southgate is not identified on my bank's conveyancing panel that there is a problem with the standard of the firm’s conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable 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 top 5 reasons are as follows: (1) low volume 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. Should you be concerned you should contact the Southgate conveyancing practice and enquire why they are no longer on the approved list for your lender.
The owners have very assertive sellers who has insisted on a lock out contract with a down payment 10k. Are such contracts appropriate for Southgate conveyancing transactions?
This form of agreement isn't common in Southgate, conveyancers are not keen on them as they detract from the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no assurance that just because the proprietor has executed an exclusivity contract they will complete the sale with you. They may be motivated to break the agreement if they receive sufficient incentive to do so because a wronged purchaser with the benefit of a lockout agreement will still be legally obliged to establish consequential losses from the breach and these may not compare to the financial upside that the owner may obtain by breaching the contract, no matter how morally condemnable it undoubtedly is.
My wife and I have recently appointed a conveyancing solicitor in Southgate. I need to find out whether they are on the Lloyds TSB Bank approved list of lawyers. Could you help?
The first thing you should do is e-mail the solicitor and ask them if they are on the lender panel. Alternatively you can call Lloyds TSB Bank who may be able to assist.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Southgate is the location of the property. Is there any advice you can impart?
Flying freeholds in Southgate are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Southgate you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southgate may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I have been recommended by a number of property agents in Southgate to locate a solicitor using your seach tool. Is there a financial advantage for Estate Agents to promote your site rather than a competitor’s?
We don’t give any commission for sending work to this site. We thought it would be too underhand to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.