Is the fact that my solicitor in Upper Edmonton is not on my bank's solicitor panel that there is a problem with the quality of her conveyancing?
That is more than likely a wrong assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated 76% 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. If you are concerned you should contact the Upper Edmonton conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
The vendors of the property we are hoping to buy have instructed a conveyancing practitioner in Upper Edmonton who has recommended a lock out agreement with a down payment of 5k. Is it wise to enter into such agreements?
Exclusivity contracts are agreements binding a property seller and prospective buyer giving the buyer a ‘clear field’ to purchase the property for a set period of time. Essentially, a lock out agreement is a contract specifying that you should receive a contract at a later time being the main conveyancing contract. It is generally used for buyer assurance though in some cases, the seller may stand to benefit from such agreements as well. There are many positives and negatives to having an agreement but you should to check with your lawyer but beware that it may result in costing you more in conveyancing fees. For this these contracts are rare in relation to conveyancing in Upper Edmonton.
The Upper Edmonton conveyancing firm that I recently instructed on my purchase in Upper Edmonton have without warning shut down. I only went with them because I needed a firm on the TSB conveyancing panel and my previous Upper Edmonton lawyer was not. I gave my credit card details for them to take £195 for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the TSB conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
Should my lawyer be raising questions regarding flooding as part of the conveyancing in Upper Edmonton.
Flooding is a growing risk for conveyancers specialising in conveyancing in Upper Edmonton. Some people will buy a house in Upper Edmonton, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, however there are a various searches that may be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Upper Edmonton. The conventional set of completed inquiry forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the seller to find out whether the property has ever been flooded. In the event that the property has been flooded in past and is not revealed by the vendor, then a purchaser could issue a compensation claim resulting from an misleading response. The buyer’s conveyancers will also carry out an enviro report. This will higlight if there is any known flood risk. If so, further investigations should be carried out.
I need to switch lawyers as my Upper Edmonton lawyer is not on the lender's panel of conveyancing solicitors. How simple is it to change conveyancer?
If you haven't yet appointed a solicitor to start work and have just received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Upper Edmonton that you're thinking of instructing.