I am one month into the sale of my ground floor flat in Archway and the estate agent has just e-mailed to say that the buyers are changing their conveyancer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a big named lender only work with certain law firms rather the firm that they want to select to handle their conveyancing in Archway ?
Lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 purchasers are not going to have any impact on this.
Is there a reason why leasehold purchase conveyancing in Archway is more expensive?
Archway leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
The mortgage over my property is with Nationwide for my property in Archway. Conveyancing was finalised some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide?
Nationwide must be informed of your intention in advance of letting out your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel solicitor.
Santander have agreed my home loan in principle, my offer on a apartment in Archway has been agreed to, now what?
The property agent will want to be advised as to your lawyer's details (ensure that the solicitors are on the bank’s approved list). Call up Santander or your financial adviser and finalise any outstanding forms. Santander will instruct a valuer who will get in touch with the selling agent or seller to arrange a time for the valuation to occur. Once carried out (assuming no problems) it takes about a week to get a mortgage offer. Santander will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Archway.
My sealed bid on a semi in Archway has been accepted, the sellers do however have a tied purchase. The sellers have offered on on an apartment, but it’s not yet tied up, and are looking at other properties booked. I have chosen a local conveyancing solicitor in Archway. What do I do now? When do I get the mortgage application with Clydesdale going?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx £1k, then valuation, Archway conveyancing search charges, etc). First, you must check that your conveyancing practitioner is on the Clydesdale conveyancing panel. As to the next stages this very much dictated by the uniqueness of your transaction, attraction to this property and on the state of the market. During a buoyant market some purchasers will apply for the mortgage with Clydesdale and arrange for the valuation and only if it comes back ok would they request their lawyer to press on with the conveyancing in Archway.
five months have gone by since my purchase conveyancing in Archway completed. I have checked the Land Registry site which shows that I paid £200,000 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.
Is it best to appoint a Archway conveyancing lawyer who is local to the property I am buying? I have an old university friend who can handle the legal work but his firm is located over three hundred kilometers drive away.
The benefit of a high street Archway conveyancing firm is that you can pop in to execute paperwork, hand in your ID and pester them where appropriate. They will also have local knowledge which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were impressed that should surpass using an unfamiliar Archway conveyancing solicitor just because they are based in the area.
When it comes to my conveyancing in Archway should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Archway conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the solicitor's time in submitting the funds this way.