My husband and I are looking to buy a flat in New Ferry and have instructed a New Ferry conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Skipton Building Society have this morning contacted us to advise us that they have now hit a problem as our New Ferry lawyer is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is standard for the purchasers' lawyers 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 solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred New Ferry lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am in a contract race with another prospective purchaser for a property in New Ferry. What can I do to quicken up the conveyancing process?
In the event that you are under time constraints for your conveyancing it is advisable to make sure that your lawyer is familiar with the location as they will make use of local contacts and intelligence. It is possible that they may have transacted previoushouses in the same street. You would be best advised to use a New Ferry conveyancing lawyer. Second, be sure that the lawyer is on the lender panel. It is believed that 18% of New Ferry conveyancing deals are held up or derailed after finding out that a buyer’s lawyer was not on their banks list of approved solicitors. This can often result in the home move being held up by almost three weeks. It is said that this issue impacts approximately one hundred thousand home moves annually. Almost all New Ferry conveyancing practices can not act for certain mortgage companies so do check as early as possible.
It is unclear whether my bank requires a lease extension. I have called my New Ferry building society branch on a couple of occasions and was informed it wasn't a problem and they would lend. My New Ferry conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your conveyancer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am due to exchange contracts on my flat. I had a double glazing fitted in May 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Santander are being pedantic. The New Ferry solicitor who is on the Santander conveyancing panel is saying indemnity insurance will be fine but Santander are requiring a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I was told three weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in New Ferry is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in New Ferry differ for new build properties?
Most buyers of new build residence in New Ferry come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in New Ferry tend to buy the site, 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 New Ferry or who has acted in the same development.
My father has recommend that I instruct his lawyers for conveyancing in New Ferry. Do I take his guidance?
No doubt it’s preferable to select a conveyancing practitioner is to have feedback from friends or relatives who have previously instructed the firm you're contemplating using.
When it comes to my conveyancing in New Ferry should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some New Ferry conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.