My wife and I are hoping to buy a flat in South Shields and are in fact using a South Shields conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Skipton Building Society have this evening contacted us to inform me that there is now an issue as our South Shields conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also represent the purchaser's lender. 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 Quality 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own South Shields solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
What is the difference between a licensed conveyancer and conveyancing solicitor in South Shields
There are many registered licenced Conveyancers in South Shields and Solicitor partnerships in South Shields who provide Conveyancing services It is important to make clear that the two are regulated professionals specialising in the legal work in transferring property. They may both also deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I'm at the point of viewing apartments in South Shields and I am now considering a potential offer. Is it best to have a lawyer on ‘stand by’? I intend to finance via a mortgage with Barclays.
It would be prudent to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are obtaining a mortgage with Barclays, make sure you remember to check that your lawyer is on the Barclays conveyancing panel.
About to purchase house in South Shields. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the South Shields property lawyer is on the Leeds Building Society conveyancing panel.
Due to the advice of my in-laws I had a survey completed on a property in South Shields ahead of instructing conveyancers. I have been advised that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies tend refuse to issue a loan on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in South Shields. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I be suspicious by third parties that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a local South Shields conveyancing firm?
As is the case with many professional services, often referrals from relatives can be worth their weight in gold. Nevertheless there are numerous people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and lenders may recommend conveyancers to select. Sometimes these solicitors might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the recommendation. You have the discretion to choose your own conveyancer. However, bear in mind that many banks specify a panel list of solicitors you have to use for the lender aspect of your home move.
My partner has suggested that I instruct his conveyancing solicitors in South Shields. Do I take his advice?
Much as we are happy to recommend a South Shields conveyancing lawyer it’s preferable to choose a conveyancing practitioner is to seek feedback from friends or family who have previously instructed the conveyancer that you are contemplating using.
We have been advised by various family members to expect six to eight weeks for South Shields conveyancing to complete.This was 3 ago. The draft contract was only sent to my conveyancer yesterday so now does it countdown?
You need to be pragmatic about timescales. Moving home in South Shields takes on average about two months. This time period is not due to conveyancer being slow and purposely delay matters. The amount of money involved in purchasing any residence is so high, the buyer’s property lawyer needing to raise a wide range of queries, searches and supplemental checks to protect the purchaser and their lender (if there is to be a mortgage) from expensive, avoidable problems. These checks involves seeking information from various third parties, for example other property lawyer, local councils, private companies, building societies and banks. Some of these are efficient. Others aren't. And remember, no matter how quickly your property lawyer do their part, if the people you are purchasing from or are selling to aren't ready, nothing can move forward until they are up to speed.