My partner and I are looking to buy a property in Peterborough and have instructed a Peterborough conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Virgin Money have this morning contacted us to inform me that there is now an issue as our Peterborough lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors to also represent 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 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Peterborough solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My wife and I are soon to exchange buying a house in Peterborough but as a consequence of wreckage from the recent storms I have was able negotiate reparation from the vendor of £2k by way of a deduction in the price. I had intended this to be dealt with as part of the conveyancing process yet Skipton are not allowing this. Should they have been involved?
The conveyancer being on a Skipton approved list is obliged to inform Skipton of any variations to the sale price. If you prohibit your lawyer to disclose the reduction to Skipton then they would have to discontinue acting for you. In addition, Skipton and you would have to appoint a new conveyancing practitioner for your conveyancing in Peterborough.
When can the exchange of contracts occur in sale conveyancing in Peterborough and do I need to attend the solicitors office?
Where you are near to one of the conveyancing solicitors in Peterborough you are welcome to come in to sign contracts. That being said, the law practices we work with provide countrywide coverage for conveyancing and provide just as detailed and professional a job for you when dealing with you by post or email. The executing of the property agreement is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the firm to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Peterborough)to be in the office available at the end of the phone to exchange contracts.
When it comes to lenders such as Nottingham, do Peterborough lawyers incur a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have paid off my mortgage with Co-operative. I assume I don't need a Peterborough lawyer on the Co-operative panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Co-operative 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 Co-operative mortgage from the register. Co-operative, 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 Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
The formalities of my remortgage has taken place for my property in Peterborough. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Peterborough. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Peterborough
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Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am using a search engine for the words cheap conveyancing in Peterborough it shows results of numerous conveyancerslocally. With so much choice what is the best way to find the suitable conveyancer for me?
The preferential way of finding the right conveyancer is through a personal referral, so seek the guidance of colleagues and family who have bought a property in Peterborough or a reputable estate agent or mortgage broker. Costs for conveyancing in Peterborough differ, so it's a good idea to obtain at least three estimates from varying types of property lawyers. Be sure to seek confirmation that the costs are guaranteed not to increase.