My fiance and I are planning to purchase a house in Great Barford and have appointed a Great Barford conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Platform Home Loans Ltd have this afternoon contacted us to advise us that they have now hit a problem as our Great Barford solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also act for 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 Quality Scheme. Your property lawyer 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 Great Barford solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We are only a couple days away from an exchange on a property in Great Barford and my mum and dad have transferred the exchange deposit to my conveyancer. I am now told that as the deposit has not come from me my conveyancer needs to disclose this to my bank. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The lawyer is duty bound to check with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Can I be sure that the Great Barford conveyancing solicitor on the Bank of Ireland panel is any good?
When it comes to conveyancing in Great Barford seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor carrying out your transaction.
After shopping around on the internet I have found a Great Barford solicitor having checked that they are on the Santander conveyancing panel. Does my lawyer arrange the survey of the property?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Great Barford surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
TSB have agreed my home loan in principle, my offer on a apartment in Great Barford has been agreed to, what happens next?
Your estate agent will need to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s panel). Contact TSB or the financial adviser and finalise any relevant paperwork. TSB will instruct a valuer who will get in contact with the selling agent or vendor to book a slot for the valuation to happen. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. TSB will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Great Barford.
I have recentlybecome aware that Wolstenholmes have closed. They carried out my conveyancing in Great Barford for a purchase of a leasehold flat 9 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The easiest way to see if the property is in your name, you can carry out 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 Great Barford conveyancing specialists.
Last March I purchased a leasehold house in Great Barford. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Great Barford - Sample of Questions you should consider Prior to buying
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Who is in charge of the building? The prefered form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this arrangement the lessees benefit from being in charge if their destiny and notwithstanding that a managing agent is usually employed if the building is bigger than a house conversion, the managing agent employed by the leaseholders. It is important to be aware whether fixing the lift or some other significant cost is due shortly to be shared between the tenants and will dramatically increase the the service fees or require a specific payment.
What is the reason for my property lawyer requiring a list of items of identification before they can commence with my conveyancing in Great Barford?
Great Barford conveyancing practitioners are duty bound by the Law Society, SRA, the Land Registry and current Money Laundering Regulations to record that the have verified the identity of their clients. It is also sometimes a requirement of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to SDLT and need to have information such as your full names, NI number and DOB.