My fiance and I are looking to purchase a home in Desford and have instructed a Desford conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. National Westminster Bank have this evening contacted us to inform me that they have now hit a problem as our Desford lawyer is not on their approved list of lawyers. Please explain?
If you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also represent the mortgage company. 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 solicitor 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Desford solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
The deeds to my house can not be found. The solicitors who handled the conveyancing in Desford 5 years ago have long since closed. What are my options?
Gone are the days when you need to hold title official documentation to establish that you own the land or property, as the Land Registry hold details of all registered land or property electronically.
How does conveyancing in Desford differ for new build properties?
Most buyers of new build premises in Desford approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because developers in Desford tend to acquire the site, 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 Desford or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Desford is the location of the property. Can you shed any light on this issue?
Flying freeholds in Desford are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Desford you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Desford 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 property.
I have been pointed in your direction by three or four local selling agents in Desford to select a conveyancer using your seach tool. Is there a financial advantage for Estate Agents to market your site over alternative conveyancing organisations?
We don’t make any referral fee for directing people in our direction. We found it would be just too difficult to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
We're new to the buying process - agreed a price, but the agent informed us that the vendor will only issue a contract if we appoint the agent's recommended conveyancers as they want an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer with experience of conveyancing in Desford
We suspect that the owner is unaware of this requirement. If they require ‘a quick sale', alienating a serious purchaser is going to damage their objectives. Contact the sellers directly and explain that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you intend to use your own,trusted Desford conveyancing solicitors - as opposed tothose that will earn their negotiator at the agency a introducer fee or meet his conveyancing targets pre-set by corporate headquarters.