I can't travel far from Fenham. Please spell out why all Fenham lawyers aren't automatically on all mortgage company panels?
Even though it may seem unfair for mortgage companies to restrict who can represent them, from the public’s or solicitor’s standpoint, the flip side is that lending institutions are becoming ever more anxious and feel it necessary to shield themselves from illegal activities. As a consequence of this concern mortgage companies are limiting their panel of approved conveyancing lawyers to a manageable size.
We're in Fenham, FTBs buying with a mortgage (lender is HSBC , and our lawyer is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
What does a local search tell me concerning the house my wife and I purchasing in Fenham?
Fenham conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company such as Xpress Legal The local search plays a central part in most Fenham conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search will supply data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
3 months have elapsed following my purchase conveyancing in Fenham completed. I have checked the Land Registry website which shows that I paid £175,000 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 Fenham differ for new build properties?
Most buyers of new build residence in Fenham approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is finished. This is because builders in Fenham usually buy the real estate, 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 used to new build conveyancing in Fenham or who has acted in the same development.
I'm refinancing my current property to a buy to let mortgage with Norwich and Peterborough Building Society and intend to use the remaining equity towards a second property. The area we are looking at is Fenham. Will your solicitors be able to act for the two mortgage companies and link together the conveyances?
Make use of our comparison tool on this page to ensure that the lawyers are approved by both mortgage companies. Having checked that they are your lawyer should be able to simultaneously deal with the two transactions but you should talk with you lawyer and specify your expectations and requirements.