Me and my partner are hoping to buy a 3 bedroom flat in Newark with a mortgage. We wish to retain our Newark conveyancer, however the lender says he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or continue with our Newark conveyancing practitioner and pay for one of their panel firms to act for them. We consider that this is unjust; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Newark conveyancing solicitor to apply to be on the conveyancing panel.
Can the conveyancing solicitors that you recommend perform attended exchange conveyancing in Newark?
There are a few conveyancing specialists who can conduct one day exchanges. Do e-mail us to secure a conveyancing quote and details as to availability.
It is 10 years ago since I purchased my home in Newark. Conveyancing solicitors have just been instructed on the sale but I can't locate my title deeds. Is this a problem?
You need not be too concerned. First the deeds may be kept by your mortgage company or they could stored with the lawyers who acted in the purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. Nearly all conveyancing in Newark involves registered property but in the unlikely event that your home is unregistered it is more tricky but is resolvable.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel solicitor as I would much rather instruct a high street conveyancing solicitor in Newark?
You should check but the chances are that appoint one of their panel conveyancers if you want the "fee-free" incentive. Contact the lender to determine if they make available a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Newark.
How does conveyancing in Newark differ for new build properties?
Most buyers of new build premises in Newark approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Newark 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 property lawyers 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 Newark or who has acted in the same development.
We have been advised by numerous estate agents to expect six to eight weeks for Newark conveyancing to complete.This was four weeks ago. The draft contract was only received from the vendors conveyancing practitioner a few days ago so now does it countdown?
Six to 8 weeks is a very rough timescale. Answering accurately how how many weeks Newark conveyancing will take is an impossible task. Every conveyance will have it’s own unique set of concerns. As a result your conveyancing practitioner should be unwilling to give representations as to how long it will take to finalise conveyancing in Newark.