Is it possible for conveyancing in Soho to be done in 3 weeks?
First, If the seller is applying pressure for your conveyancing we would recommend that your lawyer is familiar with the area as they will make use of local connections and know-how. It is possible that they could have conducted otherproperties in the same street. You would be best advised to use a Soho conveyancing lawyer. Second, ensure that the lawyer is on the member panel. It is believed that nearly one in five of Soho conveyancing deals are held up or derailed after discovering a purchaser’s lawyer was not on their banks member panel. This can often result in the buying process being frustrated by almost 21 days. It is understood that this issue impacts in the region of one hundred thousand home moves every year. Many Soho conveyancing firms can not act for certain lenders so do check at the outset.
I have a decision in principle. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel conveyancer as I would prefer to appoint a Soho based conveyancing firm?
You should check but the chances are that appoint one of their panel solicitors if you want the "fee-free" offer. Contact the lender and determine if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Soho.
We are purchasing a property in Soho. I might seem paranoid but how we can trust a lawyer? On the day of competition we will need to put money into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I happen to be the sole beneficiary of my late mum's estate with all property in now in my sole name, including the house in Soho. Conveyancing formalities meant that the Land Registry date was in March. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership may be regarded the same way as if I'd bought the property in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How practical a view mortgage companies take of it, depend on the bank as this requirement principally exists to pick up on subsales or the quick reselling of property.
Is it correct that all Soho CQS (Conveyancing Quality Scheme) solicitors are on the Yorkshire BS conveyancing panel?
It is true that some lenders now use CQS as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation 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 approved list of firms.
I have been told that property searches are the number one reason for obstruction in Soho conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Soho.
I have todaybeen informed that Stirling Law have been shut down. They carried out my conveyancing in Soho for a purchase of a leasehold flat 10 months ago. How can I check that the property is not still registered in the name of the former proprietor?
The quickest way to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Soho conveyancing specialists.
I'm converting the mortgage on my existing house to a BTL loan with Halifax and intend to use the remaining equity as a down payment on another house. The area we are looking at is Soho. Will your conveyancers be able to act for both sets of banks and tie in the two deals?
Make use of our comparison tool on this site to check that the conveyancers are approved by both mortgage companies. On the basis that they are your conveyancer will be able to tie up the two deals but you should have a chat with you lawyer and make apparent your desired outcome and needs.