My husband and I are looking to buy a property in Beccles and have instructed a Beccles conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Bank of Ireland have this morning contacted us to inform me that there is now an issue as our Beccles lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Beccles solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
The Beccles conveyancing firm handling our Beccles conveyancing has spotted a difference between the information in the home valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s approach right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I need some quick conveyancing in Beccles as I am faced with an ultimatum to complete inside 4 weeks. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a cash buyer you have the choice not to have searches conducted although no conveyancer would advise that you don't. Drawing on our experience of conveyancing in Beccles the following are instances of issues that can arise and adversely affect market value: Enforcement Actions, Outstanding Charges, Overdue Grants, Unadopted Roads,...
four months have elapsed since my purchase conveyancing in Beccles completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 property 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.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a simple, no chain conveyancing. Beccles is where the house is located. Is there any guidance you can impart?
Flying freeholds in Beccles are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Beccles you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Beccles may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Is it best to appoint a Beccles conveyancing solicitor who is local to the property I am hoping to buy? I have an old university friend who can conduct the legal work but they are based 200kilometers drive away.
The primary upside of using a high street Beccles conveyancing practice is that you can pop in to sign paperwork, hand in your identification documents and apply pressure on them if necessary. Having local Beccles know how is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and they were impressed that must trump using an unknown Beccles conveyancing solicitor just because they are based in the area.