Last September we completed a house move in South London. We have noticed several issues with the property which we suspect were overlooked in the conveyancing searches. Do we have any recourse? Can you clarify the nature of searches that needed to have been ordered as part of conveyancing in South London?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in South London. Conveyancing searches and due diligence initiated as part of the buying process are carried out to help avoid problems. As part of the process, a seller fills in a form known as a Seller’s Property Information Form. If the information provided is incorrect, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in South London.
Should conveyancers request an advanced payment when it comes to conveyancing in South London?
Where you are retaining lawyers for conveyancing in South London your lawyer will ask you put them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the total price then this will be required shortly before contracts are exchanged. The closing balance that is due will be payable shortly before completion.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in South London?
Two types of professional can do conveyancing in South London namely licenced conveyancers or solicitors. Both professionals administer the legal services that required to complete the disposal or purchase of property. Both are duty bound to carry out South London conveyancing to the same standards and guidelines so you may be sure that your conveyancing will be properly carried out and that all necessary steps should be appropriately attended to.
Is it the case that all South London CQS (Conveyancing Quality Scheme) solicitors are on the Lloyds conveyancing list of approved practices?
Some major lenders now use the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
Is it the case that all South London solicitor practices on the Bank of Ireland conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do allow licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.
How does conveyancing in South London differ for new build properties?
Most buyers of new build or newly converted property in South London contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is finished. This is because new home sellers in South London typically purchase 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 conveyancers 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 South London or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in South London in advance of retaining lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some banks tend not give a loan on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. If you e-mail us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in South London. Conveyancing may be slightly more expensive based on your lender's requirements.