My husband and I are buying a 1 bedroom apartment in Walworth with a mortgage. We like our Walworth solicitor, but the lender says she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or continue with our Walworth property lawyer and pay for one of their panel lawyers to represent them. We consider that this is inequitable; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Walworth conveyancing lawyer to apply to be on the conveyancing panel.
How does conveyancing in Walworth differ for newly converted properties?
Most buyers of new build or newly converted property in Walworth contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Walworth usually purchase 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 Walworth or who has acted in the same development.
I decided to have a survey done on a house in Walworth in advance of appointing solicitors. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies tend refuse to give a mortgage on a flying freehold house.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you e-mail us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Walworth. Conveyancing will be smoother if you use a solicitor in Walworth especially if they are familiar with such properties in Walworth.
I am a couple of weeks into a residential purchase having been referred to conveyancers by the local agent to execute conveyancing in Walworth. I am am extremely disappointed with the level of service. Could you you assist me in finding new lawyers?
They would have to be really bad to suggest diss instructing them. Has your mortgage been issued? In the event that it has you will need to advise them of the new contact details and get the offer are issued to the new lawyers. Your solicitor ideally should be on the mortgage company panel to avoid escalating charges and complications. That should be your starting point. The search tool will assist you in finding a lender approved conveyancer for your conveyancing in Walworth
How much should conveyancing in Walworth cost?
The amount you are levied for conveyancing in Walworth are likely to be calculated at:
- a set fee; or
- an hourly rate (i.e. the time spent on the particular case).
These days you seldom hear of Walworth conveyancing firms charge on time basis