My husband and I are planning to buy a house in Finchampstead and are in fact using a Finchampstead conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. National Westminster Bank have this evening contacted us to advise us that there is now an issue as our Finchampstead lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent 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 Quality Scheme. Your solicitor should contact your bank 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 lender’s conveyancing panel and you may continue to use your own Finchampstead solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Why do I have to pay up front for conveyancing in Finchampstead?
If you are buying a property in Finchampstead your solicitor will request that you put them with funds to cover the search fees. Generally this is called for to cover the fees of the conveyancing searches. If any down payment is payable against the sale price then this will be required immediately prior to exchange of contracts. The closing balance that is needed will be payable shortly before completion.
I have todaydiscovered that Action Conveyancing have been shut down. They carried out my conveyancing in Finchampstead for a purchase of a leasehold flat 12 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The easiest method to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Finchampstead conveyancing specialists.
How does conveyancing in Finchampstead differ for new build properties?
Most buyers of new build residence in Finchampstead contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Finchampstead tend to 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 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 Finchampstead or who has acted in the same development.
I have been on the look out for a flat up to £305k and found one close by in Finchampstead I like with amenity areas and transport links nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Finchampstead for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage that many years will be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
If instructed can a conveyancer remove a name from the title of my property in Finchampstead ?
Subtracting or adding someone to the title of your house is relatively straightforward. You’ll need to appoint a conveyancer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancer