I am in the process of selling my apartment in Potters Bar and the EA has just e-mailed to warn that the buyers are swapping conveyancer. The excuse is that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a big named lender only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Potters Bar ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that 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.
IfI was to buy a simple residential homein Potters Bar for cash and have no survey and no local authority searches how much would I expect to to save on my conveyancing in Potters Bar?
The only saving you would make on is the disbursement for searches. The solicitor still got to do everything else - money laundering, liaising with your sellers conveyancer, stamp duty return, register the title etc. You might save a bit for them not needing to register a charge but it will not be a lot.
Can you explain why leasehold purchase conveyancing in Potters Bar costs more?
Potters Bar leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
This question may be naive but I am unseasoned as a first time buyer of a two bedroom flat in Potters Bar. Do I collect the keys to the premises on completion from my solicitor? If this is the case, I will use a High Street conveyancing solicitor in Potters Bar?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s solicitors, and shortly after the monies have arrived, you will be called to collect the keys from the selling Agents and move into your new home. Usually this occurs early afternoon.
I am currently in the process of buying my council flat in Potters Bar. I have a mortgage agreed with Barclays. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
After weeks of negotiation I have agreed a price on a house in Potters Bar. My financial adviser recommended their conveyancers. I paid an on account payment of £200. Shortly after, the property lawyer called me sheepishly admitting that they were not on the UBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the UBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Will my solicitor be raising questions regarding flooding as part of the conveyancing in Potters Bar.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Potters Bar. There are those who purchase a property in Potters Bar, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, but there are a various searches that can be carried out by the buyer or by their conveyancers which can figure out the risks in Potters Bar. The standard information sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a standard question of the owner to determine if the property has suffered from flooding. In the event that the premises has been flooded in past and is not revealed by the owner, then a purchaser could bring a claim for damages resulting from an misleading answer. The purchaser’s conveyancers should also conduct an enviro report. This should higlight if there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
How does conveyancing in Potters Bar differ for new build properties?
Most buyers of new build property in Potters Bar approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Potters Bar usually buy the real estate, 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 accustomed to new build conveyancing in Potters Bar or who has acted in the same development.