My fiance and I are planning to buy a flat in Kegworth and have instructed a Kegworth conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Leeds Building Society have this evening contacted us to inform me that there is now an issue as our Kegworth conveyancer is not on their conveyancing panel. Please explain?
If you are buying a property requiring a mortgage it is usual for the purchasers' solicitors 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 property lawyer 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Kegworth solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Are you able to recommend a Bank of Scotland allowed Kegworth conveyancing firm finish our house move within a very limited time frame? Would it be better to use a high street Kegworth practice or a factory type conveyancer?
We would be happy to suggest some excellent Kegworth conveyancing firms. Another option is to visit the main road in Kegworth. Go in to some well established firms and ask to see a conveyancing solicitor for a costs illustration. Mention your expectations together with your reasons and ask for a commitment on speed. Select the lawyer that genuine.
Should conveyancers ask for an advanced payment for conveyancing in Kegworth?
Where you are retaining lawyers for conveyancing in Kegworth your solicitor will request that you to provide them with monies to cover the the cost of the conveyancing searches. Ordinarily this is asked for to cover the fees of the Local Authority Search. If any down payment is as part of the sale price then this should be needed shortly in advance of contracts are exchanged. The closing balance that is due will be payable a couple of days prior to the completion date.
Can you help - my lawyer advises that restrictive coveneant insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Kegworth?
The right level of restrictive coveneant indemnity insurance depends on your lender. It would differ for example between Santander and The Mortgage Works. Conveyancing solicitors as opposed to members of the public take out such insurances.
We had chosen conveyancers based in Kegworth on the Bank of Ireland solicitor approved list. They have just invoiced me a separate sum for dealing with the Bank of Ireland mortgage. Is this an additional conveyancing fee set by Bank of Ireland?
Unfortunately, as long as it is in their Terms of Engagement or Quote then yes your conveyancer can charge a fee for this. The fee is not dictated by Bank of Ireland but by your Kegworth property lawyer. Some firms on the Bank of Ireland panel will levy an ‘acting for lender’ fee and others do not.
After much negotiation I have agreed a price on a house in Kegworth. My financial adviser suggested a property lawyer. I paid an advanced payment of £225. Shortly after, the property lawyer contacted me to say that they were not on the Virgin Money 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 Virgin Money 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.
Various web forums that I have frequented warn that are the number one cause of delay in Kegworth house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Kegworth.
What advice can you give us when it comes to choosing a Kegworth conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Kegworth conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Kegworth conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
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Can they put you in touch with clients in Kegworth who can give a testimonial?
Leasehold Conveyancing in Kegworth - A selection of Queries Prior to buying
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Generally speaking the outlay for major works tend not to be built into the maintenance charges, albeit that there some managing agents in Kegworth obliged tenants to contribute towards a reserve fund and this is used to offset against larger works. It would be prudent to find out as much as you can about the company managing the building as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to daily matters such as the cleanliness of the common parts. Enquire of other tenants if they are happy with their service. Finally, investigate as to the dates that the service fees are due to the relevant party and precisely what it includes. How much is the ground rent and service charge?