Can conveyancing in Streatham to be finalised inside 28 days?
Where you are under a tight deadline to exchange it is advisable to make sure that your conveyancer is familiar with the area as they will make use of local connections and knowledge. It is possible that they may have transacted otherproperties in the same street. Therefore consider using a Streatham conveyancing solicitor. In addition, check that the conveyancing firm is on the member panel. It is estimated that nearly one in five of Streatham conveyancing transactions are delayed or jeopardised after discovering a buyer’s solicitor was not on their mortgage lender’s member panel. This can often result in the conveyancing being held up by as much as 21 days. It is estimated that this issue impacts in the region of 100,000 home sales every year. Almost all Streatham conveyancing practices can not represent certain mortgage companies so do check at the outset.
We wanted to use a conveyancing solicitor in Streatham for our house move. Our broker informed us that our mortgage company Bank of Ireland won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most lenders had a different appetite for risk. Almost all Streatham conveyancing firms would have been on many mortgage company panels. The FSA in 2010 conducted a thematic investigation into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms regarding their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum number of conveyancing. Many Streatham conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Streatham is amongst the many areas where the solicitors we recommend are members of the panel for Bank of Ireland.
I am the single recipient of my late grandmother’s will and I have everything in my name now, including the house in Streatham. Conveyancing formalities meant that the Land Registry date was in July. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', meaning my proprietorship could be considered the same way as though I had purchased the house in July. Is the property unsalable for six months?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. many lenders would take a sensible view as this requirement is primarily there to pick up on the purchase and immediately sell or the quick reselling of properties.
We had instructed conveyancing lawyers located in Streatham on the Lloyds solicitor approved list. They are now charging me a separate sum for handling the Lloyds mortgage. Is this an additional conveyancing fee set by Lloyds?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your solicitor can levy a fee for this. This fee is not dictated by Lloyds but by your Streatham property lawyer. Some firms on the Lloyds panel will levy an ‘acting for lender’ fee but plenty of practices include it on their overall fee.
I was told two weeks ago that my mortgage has been agreed to by Nationwide. Is it usual for Nationwide to only issue the offer once my solicitor in Streatham is approved on their conveyancing panel? Nationwide have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
four months have gone by since my purchase conveyancing in Streatham took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Am I best advised to use a Streatham conveyancing lawyer who is local to the property I am purchasing? I have an old university friend who can perform the conveyancing but her office is a couple of hundredmiles away.
The benefit of a high street Streatham conveyancing firm is that you can attend the office to sign paperwork, present your identification documents and pester them if necessary. They will also have local intelligence which is a bonus. However it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and the majority were impressed that should outweigh using an unknown Streatham conveyancing lawyer just because they are Streatham based.
My partner and I plan to purchase our 1st property in Streatham. Conveyancing solicitor has been selected. The mortgage adviser advised that a survey is not appropriate as the property was only constructed in 2001.
At the very least you should order a Home Buyer's Report. As the residence is more than ten years old the property will be without a warranty, so you don't want to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report could suffice. The report should highlight any obvious issues and recommend additional investigation if relevant. Where there are any indications of material issues get a full structural survey.