I am not in a position to travel far from North Shields and Tynemouth. What is the rationale as to why all North Shields and Tynemouth conveyancing practitioners are not on all lender panels?
Banks tend to impose restrictions on either the type or volume of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that the organisation is required to have at least two partners. As well as restricting the type of firm, some building societies decided to restrict the number of firms they allow to represent them. It is worth noting that mortgage companies have no responsibility for the quality of conveyancing supplied by any North Shields and Tynemouth conveyancer on their approved list. Increases in mortgage fraud was the main trigger for the rationalisation of conveyancing panels from 2008 even though there are differing thoughts concerning whether solicitors sat at the center of that fraud. Data published by HM Land Registry indicates that thousands of law firms only transact a couple of conveyances annually. Those vindicating conveyancing panel cuts question why law firms should have any entitlement to be listed on a bank panel when it is evident that conveyancing is not their primary expertise?
My property lawyer in North Shields and Tynemouth has never been on on the Barclays Solicitor Panel. Can I still retain my prefered solicitor even though they are not on the Barclays panel?
Your options are as follows:
- Complete the purchase with your preferred North Shields and Tynemouth solicitors but Barclays will need to use a conveyancer on their panel. This will inevitably rack up the total conveyancing charges and cause delays.
- Find a new lawyer to act in the purchase, remembering to check they are on the Barclays panel
Are all North Shields and Tynemouth Conveyancing Quality Solicitors on the Lloyds conveyancing panel?
Some major banks and building societies now use CQS as the kick off point for Panel approval such as HSBC and Santander. 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 solicitors wishing to remain on their panels.
I am currently in the process of buying my council flat in North Shields and Tynemouth. I have a mortgage offer with TSB. 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 TSB, you will need to appoint a solicitor on the TSB conveyancing panel.
I have instructed a North Shields and Tynemouth lawyer having checked that they are on the Bank of Ireland conveyancing panel. Does my lawyer arrange the survey of the property?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland 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.
It has been four months following my purchase conveyancing in North Shields and Tynemouth completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a flat up to £235,500 and identified one near me in North Shields and Tynemouth I like with open areas and railway links nearby, the downside is that it's only got 49 years on the lease. I can't really find anything else in North Shields and Tynemouth in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
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