My wife and I are hoping to purchase a property in Thornton Heath and have instructed a Thornton Heath conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Accord Mortgages Ltd have this afternoon contacted us to advise us that there is now an issue as our Thornton Heath conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also act for 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 Quality Scheme. Your solicitor should contact your mortgage company 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 bank's conveyancing panel as you are at liberty to use your preferred Thornton Heath lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
The Thornton Heath conveyancing firm handling our Thornton Heath conveyancing has identified an inconsistency when comparing the information in the home valuation survey and what is in the title deeds. My solicitor has advised that he is obliged to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action appropriate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
When does exchange of contracts occur in sale conveyancing in Thornton Heath and am I required to be at the conveyancers branch?
Where you are in close proximity to our conveyancing solicitors in Thornton Heath you are invited in to sign the paperwork. That being said, the lender approved solicitors we recommend supply a countrywide conveyancing service and give as equally detailed and professional a job for you when dealing with you by post or email. The signing of the contract is not the critical part. A signed contract is just a prerequisite for the firm to address the formalities at the suitable time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Thornton Heath)to be in the office available at the end of the phone to exchange contracts.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Thornton Heath so that I can attend their offices if required.
Nowadays conveyancing panel lawyers for banks carry out their communications via the post, e-mail or over the phone. This enables them to carry out the conveyancing transaction regardless of where you live in England or Wales. However you can check if you have the option of going to the offices of your conveyancing lawyer if just in case this is required.
Is it necessary to take out insurance to cover chancel repairs when acquiring a residence in Thornton Heath?
Unless a prior purchase of the premises took place post 12 October 2013 you can expect lawyers delivering conveyancing in Thornton Heath to continue to suggest a chancel search and or chancel repair liability insurance.
Me and my brother have a semi-detached Victorian property in Thornton Heath. Conveyancing practitioner represented me and TSB. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold with the exact same property. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Thornton Heath and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing practitioner who conducted the conveyancing.