I am under pressure from the owner of a property in Audley to exchange within four weeks. What can be done to speed up the conveyancing process?
In the event that the seller is applying pressure for your conveyancing it is advisable to make sure that your solicitor is familiar with the area as they will have local contacts and insight. It is possible that they may have handled previoushouses in the same neighbourhood. You would be best advised to use a Audley conveyancing solicitor. In addition, ensure that the conveyancing firm is on the member panel. It is claimed that 18% of Audley conveyancing transactions are suspended or jeopardised after finding out that a purchaser’s lawyer was not on their mortgage lender’s panel. In many cases this discovery resulted in the legal transfer of property being delayed by as much as three weeks. It is estimated that this issue affects approximately one hundred thousand home sales every year. Most Audley conveyancing firms can not act for certain mortgage companies so do check as early as possible.
What is the first thing I need to know about purchase conveyancing in Audley?
You may not hear this from too many lawyers but conveyancing in Audley or throughout Staffordshire is often a confrontational process. In other words, when it comes to conveyancing there exists plenty of room for conflict between you and other parties involved in the transaction. For example, the seller, selling agent and sometimes a bank. Selecting a lawyer for your conveyancing in Audley should not be taken lightly as your conveyancer is your adviser, and is the SOLE person in the legal process whose interest is to act in your best interests and to protect you.
We are witnessing a worrying increase in the "blame" culture- someone has to be at fault for the process taking so long. We recommend that you your first instinct should be to trust your conveyancer ahead of the other parties when it comes to the legal transfer of property.
My solicitor has informed me that restrictive coveneant insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Audley?
The right level of restrictive coveneant indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and The Royal Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such insurances.
Is it correct that all Audley CQS (Conveyancing Quality Scheme) solicitors are on the Co-operative conveyancing list of approved solicitors?
A selection of lenders now make use of CQS as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Audley bank branch on numerous occasions and was advised it wasn't a problem and they will lend. My Audley conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their published requirements. Who do I believe?
Provided that the solicitor is on the bank approved list, they must comply with the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Is it possible to swap firm as I need to select one who is on the Leeds Building Society conveyancing list. I had appointed a high street conveyancing solicitor in Audley five minutes from me but she is not approved by Leeds Building Society
We will our best to assist in finding you a conveyancing solicitor in Audley on the Leeds Building Society panel. Please note that the solicitors that we on the directory do not pay us fee if you instruct them and are under regulation of the Solicitors Regulation Authority who oversee all conveyancing solicitors in Audley. Using search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Audley.
What are your top tips when it comes to choosing a Audley conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Audley conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Audley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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How experienced is the practice with lease extension legislation? How many lease extensions has the firm conducted in Audley in the last twenty four months?
Leasehold Conveyancing in Audley - A selection of Questions you should consider before buying
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Are there any major works anticipated that could add a premium to the maintenance charges? This question is helpful as a) areas could cause problems in the block as the common areas may start to deteriorate if maintenance remain unpaid b) if the tenants have a dispute with the managing agents you will wish to have all the details What restrictions are contained in the Audley Lease?
My conveyancers in Audley have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.