My fiance and I are hoping to buy a flat in Bearsted and are in fact using a Bearsted conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. HSBC Bank have this morning contacted us to advise us that there is now an issue as our Bearsted conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Bearsted solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Is it realistic for conveyancing in Bearsted to be concluded in 3 weeks?
In a situation where the seller is applying pressure for your conveyancing we would recommend that your lawyer is familiar with the location as they will benefit local relationships and know-how. It is even conceivable that they could have transacted otherhouses in the same road. You would be best advised to use a Bearsted conveyancing firm. In addition, check that the lawyer is on the on the approved list for your mortgage company. It is understood that 18% of Bearsted conveyancing deals are delayed or jeopardised after finding out that a purchaser’s solicitor was not on their mortgage lender’s list of approved solicitors. This can often result in the transaction being frustrated by almost three weeks. It is claimed that this issue affects approximately 100,000 home sales annually. Almost all Bearsted conveyancing firms can not act for certain banks so do check at the outset.
It is is a decade since I purchased my property in Bearsted. Conveyancing lawyers have now been appointed on the sale but I am unable to find the title documents. Is this a problem?
You need not be too concerned. First the deeds may be retained by your mortgage company or they may still be with the solicitor who oversaw your purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring current official copies of the land registers. Nearly all conveyancing in Bearsted relates to registered property but in the unlikely event that your home is not registered it is more tricky but is not insurmountable.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Bearsted I like with open areas and railway links nearby, the downside is that it only has 61 years on the lease. There is not much else in Bearsted in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage that many years will be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
What is different about your site and other internet conveyancing solicitors when it comes to conveyancing in Bearsted?
At this site obtain an accurate costs illustration via a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Bearsted. Unlike many estate agents and many comparison sites we do not operate kick-back deals with solicitors. Many agents and online brokers 'recommend' solicitors paying the most kickback, not the best value conveyancing in Bearsted
Am I best advised to choose a Bearsted conveyancing practitioner based in the area that I am hoping to buy? We have a good friend who can execute the conveyancing but they are based over three hundred miles drive away.
The primary upside of using a local Bearsted conveyancing firm is that you can pop in to sign documents, hand in your identification documents and pester them if necessary. They will also have local knowledge which is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and in the main were happy that should outweigh using an unknown Bearsted conveyancing solicitor solely due to them being Bearsted based.