Why do I have to pay up front when it comes to conveyancing in Newcastle upon Tyne?
Where you are retaining lawyers for conveyancing in Newcastle upon Tyne your lawyer will request that you place them with monies to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the conveyancing searches. When the down payment is as part of the total price then this will be needed shortly prior to exchange of contracts. The closing balance that is due should be transferred shortly before completion.
The Newcastle upon Tyne conveyancing lawyers that I recently instructed on my purchase in Newcastle upon Tyne have suddenly closed. They were on acting for me because I needed a firm on the Lloyds conveyancing panel and my family Newcastle upon Tyne lawyer was not. I cut them a cheque for two hundred pounds in advance. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Lloyds conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
Despite weeks of looking the Title Certificate and documents to our home are lost. The lawyers who conducted the conveyancing in Newcastle upon Tyne 10 years ago are no longer around. What are my next steps?
Nowadays there are copies made of almost everything, and your lawyer will know precisely where to locate all the relevant documentation so you may buy or sell your house without any difficulty. If duplicates can’t be found, your conveyancer may be able to put in place insurance or indemnities protecting you against future claims on the premises.
How does conveyancing in Newcastle upon Tyne differ for new build properties?
Most buyers of new build property in Newcastle upon Tyne approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Newcastle upon Tyne tend to 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 Newcastle upon Tyne or who has acted in the same development.
My husband and I are FTB’s - agreed a price, but the property agent has warned us that the vendor will only go ahead if we appoint their recommended lawyers as they want a ‘quick sale’. We would rather use a high street conveyancer accustomed to conveyancing in Newcastle upon Tyne
We suspect that the seller is not behind this requirement. If they want ‘a quick sale', turning down a motivated purchaser is not the way to achieve this. Avoid the agents and go straight to the sellers and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)but you will continue to appoint your preferred Newcastle upon Tyne conveyancing firm - not the ones that will earn the estate agent a introducer fee or achieve conveyancing targets pre-set by senior management.
Why do I have to provide my lawyer with a list of items of identification before they can proceed with selling or purchasing a property in Newcastle upon Tyne?
Newcastle upon Tyne conveyancers are required by the Law Society, SRA, the Land Registry and current AML Regulations to record that the have verified the identity of their clients. It will also be a requirement of your mortgage offer. In addition they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, national insurance number and date of birth.