I am nearing exchange of contracts for my maisonette in Mitcham Junction and the EA has just called to warn that the purchasers are changing their property lawyer. The excuse is that the lender will only engage with solicitors on their approved list. On what basis would a big named lender only work with certain law firms rather the firm that they want to select to handle their conveyancing in Mitcham Junction ?

Banks have always had an approved set of law firms that can act for them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.

Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. 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. 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. The purchasers are not going to have any impact on this.

I require conveyancing for a flat in a fairly new development (6 years old) in Mitcham Junction. Almost all the properties have already been sold. Do I need carry out the conveyancing searches as part of conveyancing in Mitcham Junction?

A big part of the Mitcham Junction conveyancing process is the conveyancing searches. There are a large number of companies who offer Mitcham Junction conveyancing searches, as well direct from the local authority. These are usually referred to as personal search companies due to them carrying out, personal searches. Nevertheless, all Local Authority Search conveyancing products have one thing in common - they must obtain their information from the local authoritative source.

How up to date is your search tool for Mitcham Junction conveyancing solicitors on the Nationwide conveyancing panel? Do Nationwide send you an updated list?

Mitcham Junction conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.

How does conveyancing in Mitcham Junction differ for new build properties?

Most buyers of new build residence in Mitcham Junction contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Mitcham Junction typically acquire the land, 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 used to new build conveyancing in Mitcham Junction or who has acted in the same development.

Is there an average legal costs for conveyancing in Mitcham Junction?

The average cost last year for conveyancing in Mitcham Junction was £1,395 not including Land Tax and HMLR charges.