I am in the process of selling my flat in Chalk Farm and the EA has just text me to warn that the purchasers are switching law firm. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Chalk Farm ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase 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 reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 buyers are unlikely to have any impact on this.
What will a local search reveal about the house I am buying in Chalk Farm?
Chalk Farm conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search plays a central part in most Chalk Farm conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search will reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
It has been 4 months following my purchase conveyancing in Chalk Farm completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Chalk Farm differ for new build properties?
Most buyers of new build or newly converted property in Chalk Farm come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because builders in Chalk Farm typically acquire 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 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 Chalk Farm or who has acted in the same development.
I am looking to buy a property and need a conveyancing solicitor in Chalk Farm who is on the lender solicitor panel. Could you point me in the right direction as regards a Chalk Farm conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the bank who carry out conveyancing in Chalk Farm. We dont recommend any particular conveyancing practice.