I am progressing with the sale of my maisonette in Watford and the estate agent has just called to advise that the purchasers are switching solicitor. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. On what basis would a big named mortgage company only deal with certain law firms rather the firm that they want to choose for their conveyancing in Watford ?
Banks have always had panels of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions attribute this action to a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
Can you explain why leasehold purchase conveyancing in Watford costs more?
In short, leasehold conveyancing in Watford and Hertfordshire usually warrants additional work compared to freehold conveyancing. This includes reviewing the lease, liaising with the landlord about the service of applicable notices, obtaining up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
I am purchasing a property and require a conveyancing solicitor in Watford who is on the Skipton Building Society solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Skipton Building Society in certain locations such as Watford. We dont recommend any particular firm.
How does conveyancing in Watford differ for newly converted properties?
Most buyers of new build residence in Watford contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Watford tend to 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 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 Watford or who has acted in the same development.
There are a lot of houses in Watford on private roads. My husband and I are acquiring one such property. Are there any benefits to buying a property on a private road?
Watford conveyancing firms are familiar with dealing houseson private. The lawyer should review the Land Registry data to identify any rights or liabilities. In many cases there is a residents association that residents make annual contributions for the upkeep of the road. If one exists, the road will likely be maintained and appear nicer than publicly maintained.