My fiance and I are hoping to buy a home in North Shields and Tynemouth and are in fact using a North Shields and Tynemouth conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Godiva Mortgages Ltd have this afternoon contacted us to inform me that there is now an issue as our North Shields and Tynemouth lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also act for 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 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own North Shields and Tynemouth solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Are all North Shields and Tynemouth Conveyancing Quality Solicitors on the Virgin Money conveyancing panel?
A selection of lenders now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I am currently in the process of buying my council flat in North Shields and Tynemouth. I have a mortgage offer with Yorkshire BS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
Having read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local North Shields and Tynemouth solicitor - who is on the Santander conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own North Shields and Tynemouth surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
A colleague suggested that if I am buying in North Shields and Tynemouth I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your North Shields and Tynemouth conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about North Shields and Tynemouth around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information regarding North Shields and Tynemouth.
I have been on the look out for a flat up to £195,000 and found one round the corner in North Shields and Tynemouth I like with amenity areas and railway links nearby, however it only has 61 years on the lease. I can't really find anything else in North Shields and Tynemouth suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan that many years may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
I am looking into buying my first house which is in North Shields and Tynemouth and I am already nervous. I couldn't find anything specific about North Shields and Tynemouth. Conveyancing will be needed in due course but do you know about the North Shields and Tynemouth area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at North Shields and Tynemouth. In the meantime here are some basic statistics that we found
I have just appointed agents to market my ground floor flat in North Shields and Tynemouth.Conveyancing is yet to be initiated but I have recently had a yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as you normally would given that all rents and maintenance payments will be allottedas part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially