Am I correct in assuming that the fact that my solicitor in Stechford is not identified on my bank's solicitor panel that there is a problem with the quality of the firm’s conveyancing?
That would most likely be an incorrect assumption to make. There are all sorts of perfectly 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 top 5 reasons are as follows: (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. Should you be concerned you should contact the Stechford conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
Due to complete my purchase in Stechford next Monday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
All property lawyers on acting for lenders 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 UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Stechford.
What can a local search inform me about the property I am purchasing in Stechford?
Stechford conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search company for example Onsearch The local search plays an important role in many a Stechford conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search should supply data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
How does conveyancing in Stechford differ for newly converted properties?
Most buyers of new build or newly converted property in Stechford come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Stechford usually purchase 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 conveyancers 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 used to new build conveyancing in Stechford or who has acted in the same development.
I have been advised by a number of property agents in Stechford to get a quote from a property lawyer using your seach tool. What’s the financial inducement for Estate Agents to offer your lawyers ahead of another?
We refuse to give any commission for directing people our way. We found it would be just too difficult a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.