My partner and I are planning to acquire a property in Claydon and have instructed a Claydon conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Norwich and Peterborough Building Society have this evening contacted us to inform me that they have now hit a problem as our Claydon solicitor is not on their approved list of lawyers. Please explain?
Where you are buying a property requiring a mortgage it is normal for the purchasers' lawyers to also act for 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 Accreditation Scheme. Your solicitor 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Claydon solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
The sellers of the property we are looking to purchase have instructed a conveyancing solicitor in Claydon who has insisted on a exclusivity agreement with a non-refundable deposit two thousand pounds. Is it wise to enter into such agreements?
There are a couple of main concerns with entering into any lock out contract (also referred to as a no-shop agreement) is that it takes away the focus from progressing with the conveyancing work, so unless it requires minimal or no negotiation then it may turn out to be a hindrance. It is not strongly advocated by Claydon conveyancing solicitors as a result. A supplemental issue is the extent of the remedies available - a jilted buyer should not expect to be issued with an injunctive ruling by a court to prevent the vendor completing the sale to an alternative purchaser, so the only remedy open via the agreement will be the reimbursement of abortive costs and, in limited situations, the extra payment of damages.
Are the Claydon conveyancing solicitors identified as being on the UBS conveyancing panel, together with their details provided by UBS?
Claydon conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.
Just acquired a semi-detached house in Claydon , What is the estimated time for the Land Registry to record the transfer to my name? My Claydon conveyancing solicitor works at snail pace, so I want to be sure the registration is dealt with.
There is nothing unique when it comes to conveyancing in Claydon registration formalities. As opposed to being determined by geographic area, timescales can differ subject to the party submitting the application, whether it is in order and if the Land registry have to notify any 3rd parties. Currently in the region of 80% of such applications are fully addressed within 12 days but occasionally there can be longer delays. Registration occurs once the new owner has moved in to the property thus an expedited registration is not typically top priority yet where there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for the application to be prioritised.
I decided to have a survey completed on a house in Claydon before instructing solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will not give a mortgage on this type of home.
It varies from the lender to lender. HSBC has different instructions from Nationwide. Should you wish to call us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Claydon. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Claydon to see if the conveyancing will be more expensive.
After what feels like an age I have had an offer on an apartment in Claydon accepted, the vendor does however have a dependent purchase. The vendors have submitted an offer on somewhere, however it’s not been accepted yet, and has viewings of other flats in the pipeline. I have chosen a local conveyancing solicitor in Claydon. What do I do now? At what stage do I apply for the mortgage with Lloyds?
It is understandable to have concerns where there is an associated chain given your reluctance to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then valuation, Claydon conveyancing search fees, etc). The first thing to do is check that your solicitor is on the Lloyds conveyancing panel. Regarding the subsequent stages this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. During a hot market the majority of purchasers would apply for a home loan with Lloyds and arrange for the valuation and only if it was satisfactory would they request their lawyer to move forward with searches.