My wife and I are looking to buy a home in Kelvedon and have instructed a Kelvedon 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. The Royal Bank of Scotland have this evening contacted us to advise us that they have now hit a problem as our Kelvedon lawyer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property needing a mortgage it is conventional for the purchasers' lawyers 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 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 Kelvedon 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.
Why do I have to pay up front when it comes to conveyancing in Kelvedon?
If you are buying a property in Kelvedon your lawyer will ask you put them with funds to cover the search fees. Generally this is called for to cover the fees of the conveyancing searches. When the down payment is as part of the purchase price then this should be asked for immediately ahead of exchange of contracts. The closing balance that is due should be transferred a few days prior to the day of completion.
Have purchased a a semi-detached house in Kelvedon , What is the estimated time for the Land Registry to register my ownership? My Kelvedon conveyancing solicitor has been very slow, so I want to be certain that my name is recorded.
As far as conveyancing in Kelvedon registration is no faster or slower than anywhere else in the country. Rather than based on location, timescales can differ according to who lodges the application, whether it is in order and whether the Land registry communicate with any 3rd parties. Currently approximately three quarters of submission are completed within two weeks but some can be subject to extensive hold-ups. Historically registration occurs after the purchaser is living at the premises therefore registration formalities is not usually an essential issue yet where there is a degree of urgency associated with the registration then you or your solicitor could speak with the land registry and explain the circumstances.
How does conveyancing in Kelvedon differ for newly converted properties?
Most buyers of new build premises in Kelvedon approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because builders in Kelvedon usually purchase 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 accustomed to new build conveyancing in Kelvedon or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Kelvedon is the location of the property. What do you suggest?
Flying freeholds in Kelvedon are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kelvedon you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kelvedon 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 need to appoint a conveyancing solicitor for sale conveyancing in Kelvedon. I have chance upon a web site which seems to have the ideal answer If there is a chance to get all formalities done via phone that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?