I had intended to instruct a property lawyer in Stockwood for our home move. Our financial adviser informed us that our mortgage lenders won't deal with them. Why is this not regarded as unduly restrictive?
Banks in the main restrict either the category or the amount of conveyancing practices on their member panel. Typical examples of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, some have decided to limit the number of firms they allow to act for them. You should note that have no responsibility for the quality of advice provided by any member of Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels a few years ago even though there remains differing views regarding the extent of solicitor engagement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near Stockwood only carry out one or two conveyances a year.
If you had a top tip for selecting a conveyancing solicitor in Stockwood what would it be?
We would encourage you not to go for the cheapest Stockwood conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
How does conveyancing in Stockwood differ for new build properties?
Most buyers of new build premises in Stockwood come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Stockwood typically purchase 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 Stockwood or who has acted in the same development.