My partner and I are planning to buy a home in Oldland and are in fact using a Oldland conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Halifax have this evening contacted us to advise us that there is now an issue as our Oldland conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also act for the mortgage company. 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 Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Oldland solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Are you able to vouch for a Virgin Money sanctioned Oldland conveyancing lawyer finish our house move within a short deadline? Would it be better to use a local Oldland solicitor or a web based firm?
We can recommend some very good Oldland conveyancing firms. You can also walk up the main road in Oldland. Visit a couple of firms and request to see a conveyancing solicitor for a costs illustration. Explain your time frames together with the reasons and ask for a commitment on speed. Choose the one that genuine.
As I am unsure how the conveyancing bit works what is the most important number one tip you can impart concerning purchase conveyancing in Oldland?
You may not hear this from too many lawyers but conveyancing in Oldland or throughout England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there exists lots of opportunity for confrontation between you and other parties involved in the legal transfer of property. E.g., the seller, selling agent and even potentially the bank. Appointing a law firm for your conveyancing in Oldland should not be taken lightly as your conveyancer is your adviser, and is the ONLY party in the legal process whose role it is to look after your best interests and to keep you safe.
Sometimes a third party with a vested interest may try and persuade you that it is in your interests to do things their way. As an example, the estate agent may claim to be assisting by claiming that your lawyer is slow. Or your financial adviser may advise you to do something that is contrary to your conveyancers advice. You should always trust your lawyer above all other parties in the conveyancing process.
I have been told that property searches are the main cause of delay in Oldland house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in Oldland.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Oldland I like with a park and station nearby, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Oldland suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Am I better off to instruct a Oldland conveyancing lawyer in close proximity to the house I am hoping to buy? We have a good friend who can handle the legal work but his firm is located over three hundred miles drive away.
The benefit of a local Oldland conveyancing firm is that you can visit the firm to execute paperwork, hand in your ID and pester them where appropriate. They will also have local knowledge which is a bonus. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and in the main were happy that must outweigh using an unfamiliar Oldland conveyancing solicitor just because they are round the corner.