We're in Penzance, First timers purchasing with a mortgage (lender is Coventry BS , and our solicitor is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Are all Penzance Conveyancing Quality Solicitors on the Nationwide conveyancing list of approved firms?
It is true that some banks and building societies now make use of CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is 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 remain on their approved list of conveyancing solicitors.
I have today made my last payment due on my mortgage with TSB. I assume I don't need a Penzance conveyancer on the TSB panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
Our offer on a house in Penzance has been agreed to, but there is a chain. The vendors have offered on a property, but it’s not yet agreed to, and have viewings of other properties in the pipeline. I have instructed a local conveyancing solicitor in Penzance. What do I do now? At what stage should I apply for the mortgage with HSBC?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then survey, Penzance conveyancing search costs, etc). First, you should ensure that your property lawyer is on the HSBC approved list. Regarding the subsequent phase this very much dictated by the circumstances of your transaction, motivation for the property and on the state of the market. In a hot market the majority of buyers would apply for the mortgage with HSBC and arrange for the valuation and only if it was satisfactory would they ask their solicitor to press on with the conveyancing in Penzance.
My friend suggested that where I am purchasing in Penzance I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Penzance conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Penzance around the property and the people living there. It incorporates 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 Property Price, Crime details, Penzance Education with maps and statistics, Local Amenities and other useful data about Penzance.
How does conveyancing in Penzance differ for new build properties?
Most buyers of new build residence in Penzance approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because builders in Penzance tend to acquire 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 property lawyers 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 used to new build conveyancing in Penzance or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Penzance in advance of instructing lawyers. I have been informed that there is a flying freehold element to the property. The surveyor has said that some banks will refuse to give a loan on a flying freehold premises.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Penzance. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Penzance to see if the conveyancing will be more expensive.
I am thinking of appointing a conveyancing practitioner in Penzance for my remortgage. Is it possible to review a firm’s complaints history with the profession’s regulator?
Members of the public may read documented Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Go to Check a solicitor's record. For information about the period before 1 January 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training purposes.