We're in Old Colwyn, First timers purchasing with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
is it true that all Old Colwyn conveyancing solicitors on the Bank of Ireland conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Bank of Ireland conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Some mortgage companies do list licenced conveyancers on their panel and in such a situation the firms would be overseen by the Council of Licensed Conveyancers.
We have a mortgage agreed in principle with RBS. Old Colwyn conveyancing practitioners have been appointed. What is the average time that one could expect to receive a mortgage offer from RBS?
There is no definitive answer here. Have RBS conducted the survey? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
My offer on a semi in Old Colwyn has been agreed to, but there is a chain. The sellers have placed an offer on somewhere, however it’s not yet tied up, and have viewings of other properties booked. I have chosen a local conveyancing solicitor in Old Colwyn. What do I do now? At what stage do I apply for the mortgage with Virgin Money?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of £1k, then survey, Old Colwyn conveyancing search fees, etc). The first course of action is to ensure that your lawyer is on the Virgin Money conveyancing panel. Regarding the subsequent stages this very much depends on the circumstances of your transaction, desire for the property and on the state of the market. In a hot market some purchasers would apply for the mortgage with Virgin Money and pay for the valuation and only if it comes back ok would they ask their conveyancing practitioner to move forward with searches.
My wife and I are downsizing from our property in Old Colwyn and according to the buyers it appears that there is a risk of it being built on contaminated land. Any high street Old Colwyn conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers instructed a nationwide conveyancing outfit rather than a conveyancing solicitor in Old Colwyn. We have lived in Old Colwyn for 5 years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing firm already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
Are there restrictive covenants that are commonly identified as part of conveyancing in Old Colwyn?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Old Colwyn. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Old Colwyn is where the house is located. Can you shed any light on this issue?
Flying freeholds in Old Colwyn are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Old Colwyn you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Old Colwyn may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
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