Am I correct in assuming that the fact that my solicitor in Bedlington is not on my bank's conveyancing panel that there is a problem with the standard of his conveyancing?
It would be unwise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Bedlington conveyancing firm and enquire why they are no longer on the approved list for your lender.
If you had a top tip for selecting a conveyancing solicitor in Bedlington what would it be?
Do not opt for the cheapest Bedlington conveyancing fees. 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 go into the conveyancing with your eyes wide open.
Two weeks ago we had a mortgage agreed in principle with Aldermore. Bedlington conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from Aldermore?
Some lenders take longer than others. Have Aldermore done the survey? Have you advised Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I can not work out if my lender requires a lease extension. I have called my Bedlington building society branch on numerous occasions and was advised it wasn't a problem and they will lend. My Bedlington conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend in accordance with their published requirements. Who do I believe?
Your conveyancing practitioner must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
3 months have gone by following my purchase conveyancing in Bedlington concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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 premises 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.
How does conveyancing in Bedlington differ for new build properties?
Most buyers of new build premises in Bedlington approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Bedlington 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 conveyancing solicitors 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 Bedlington or who has acted in the same development.
I am looking for a flat up to £305k and identified one near me in Bedlington I like with amenity areas and railway links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Bedlington suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
My husband and I are planning to purchase a four room maisonettein Bedlington with a residential mortgage from a lender. We would like to retain our conveyancer in Bedlington yet our mortgage company says he's not on their "panel". Apparently we need to choose one of the our bank panel solicitors or stay with our Bedlington conveyancer and incur the extra costs for one of their panel ones to represent our lender. We feel as though this is unjust; Can we not simply insist that our mortgage company use our Bedlington lawyer?
No, not really. The bank mortgage issued is subject to conditions, one of which will be that solicitors will on the lender's conveyancing panel. Until recently, most mortgage companies had large numbers of law firms on their panels, including many conveyancing solicitors in Bedlington : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for your bank.