The housing market in Broadway is heating up. What can I do to expedite matters?
Where the seller is applying pressure for your conveyancing it is advisable to make sure that your lawyer is familiar with the area as they will benefit local contacts and intelligence. It is even conceivable that they could have conducted otherhouses in the same street. Therefore consider using a Broadway conveyancing firm. In addition, be sure that the conveyancing firm is on the lender panel. It is claimed that 18% of Broadway conveyancing transactions are suspended or jeopardised after discovering a buyer’s solicitor was not on their mortgage lender’s list of approved solicitors. This can often result in the transaction being held up by as much as 21 days. It is believed that this issue affects approximately 100,000 home moves annually. Many Broadway conveyancing firms can not represent certain mortgage companies so do check at the outset.
What happens if my solicitor is suspended from the Nottingham Solicitor panel ahead of completing my conveyancing in Broadway?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We were going to get a OIP from Skipton this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Skipton recommend any Broadway solicitors on the Skipton conveyancing panel, or is it better to go independently?
You will need to appoint Broadway solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
After months of negotiation I have agreed a price on an apartment in Broadway. My mortgage broker recommended their conveyancers. I paid an upfront payment of £200. Not long after, the property lawyer called me sheepishly admitting that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
My sealed bid on a detached house in Broadway has been agreed to, the vendors do nevertheless have an associated purchase. The sellers have offered on somewhere, but it’s not been accepted yet, and are looking at other properties booked. I have selected a nearby conveyancing solicitor in Broadway. What should be my next step? At what stage should I apply for the mortgage with TSB?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of one thousand pounds, then survey, Broadway conveyancing search costs, etc). The first thing to do is check that your property lawyer is on the TSB approved list. Concerning the next phase this very much depends on the uniqueness of your case, motivation for this property and on the state of the market. During a buoyant market many purchasers will apply for the mortgage with TSB and arrange for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to move forward with the conveyancing in Broadway.
4 months have gone by since my purchase conveyancing in Broadway completed. I have checked the Land Registry site 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.
I need to find a conveyancing solicitor for sale conveyancing in Broadway. I have stumble upon a web site which looks to be the perfect answer If there is a chance to get all this stuff done via web that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Broadway. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
The majority of houses in Broadway are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Broadway in which case you should be shopping around for a Broadway conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.