I am selling my house in Enfield Highway and the EA has just telephoned to warn that the buyers are changing their law firm. The excuse is that the lender will only engage with solicitors on their approved list. On what basis would a major mortgage company only engage with certain law firms rather the firm that they want to select for their conveyancing in Enfield Highway ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened 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 says it is being contacted daily by practices that have been removed from panels. Some 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. The buyers are not going to have any impact on this.
I am due to complete on the purchase of a house in Enfield Highway but as a consequence of wreckage from the recent storms I have managed to agree recompense from the current proprietors of £3k taking the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process however Skipton will not permit this. Should they have been informed?
The solicitor being on the Skipton conveyancing panel is obliged to inform Skipton of any changes to the purchase price. If you prohibit your solicitor to notify the price change to Skipton then they would have to discontinue acting for you. In addition, Skipton and you would have to appoint a new conveyancer for your conveyancing in Enfield Highway.
Should our lawyer be raising enquiries concerning flooding as part of the conveyancing in Enfield Highway.
Flooding is a growing risk for conveyancers carrying out conveyancing in Enfield Highway. Plenty of people will purchase a house in Enfield Highway, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, but there are a number of searches that may be initiated by the buyer or by their solicitors which will figure out the risks in Enfield Highway. The standard information given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the owner to find out if the property has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the vendor, then a purchaser could commence a legal claim for losses as a result of such an inaccurate answer. A purchaser’s lawyers may also conduct an environmental report. This will reveal if there is a recorded flood risk. If so, more detailed inquiries should be initiated.
How does conveyancing in Enfield Highway differ for newly converted properties?
Most buyers of new build property in Enfield Highway come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Enfield Highway usually buy 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 conveyancing solicitors 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 Enfield Highway or who has acted in the same development.
In my capacity as executor for the will of my grandmother I am selling a house in Monmouth but live in Enfield Highway. My conveyancer (who is 250 kilometers awayhas requested that I execute a stat dec prior to the transaction finalising. Can you recommend a conveyancing lawyer in Enfield Highway who can witness this legal document for me?
Technically speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are based in Enfield Highway