I am in the process of selling my house in North Walsham and the estate agent has just e-mailed to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. Why would a major lender only work with specific solicitors rather the firm that they want to appoint for their conveyancing in North Walsham ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
I have given 8 weeks notice to my existing landlord and must vacate my rented flat in North Walsham by the end of next month. Conveyancing on my purchase has just started. How realistic is it to complete in a couple of weeks as don't want to have to move into short term accommodation?
Generally one should not provide notice for your letting unless exchange of contracts has taken place. If you have not previously done so, notify to your lawyer and ask them to they chase the owners solicitors, try to get a realistic time scale from them that everyone will aim to achieve
This question may be naive but I am unexperienced as FTB of a two bedroom flat in North Walsham. Do I pick up the keys to the house on completion from my lawyer? If so, I will appoint a local conveyancing solicitor in North Walsham?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the seller's conveyancers, and shortly after the monies have arrived, you will be invited to receive the keys from the selling Agents and start moving into the property. Usually this occurs between 1 and 3pm.
Is it correct that all North Walsham CQS (Conveyancing Quality Scheme) solicitors are on the HSBC conveyancing panel?
A selection of lenders now make use of the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
I've read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local North Walsham solicitor - who is on the Leeds Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society 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 Walsham 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.
Various online forums that I have visited warn that are the number one cause of hinderance in North Walsham conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in North Walsham.
I have been on the look out for a ground for flat up to £305k and found one near me in North Walsham I like with open areas and station in the vicinity, the downside is that it's only got 49 years unexpired on the lease. There is not much else in North Walsham in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
My cousin has encouraged me to instruct his lawyers for conveyancing in North Walsham. Should I choose my own conveyancer?
Much as we are happy to recommend a North Walsham conveyancing lawyer it’s preferable to select a conveyancing lawyer is to have referrals from friends or family who have previously instructed the conveyancer that you are considering.