The sellers of the house we are purchasing hired a conveyancing practitioner in Castle Eden who has suggested a preliminary contract with a deposit 6,000. Is it wise to enter into such agreements?
There are a couple of main drawbacks with executing a lock out contract (sometimes termed a shut-out contract) is that it diverts attention away from making progress with the conveyancing work, so unless it requires minimal or no negotiation then it may turn out to be unhelpful. It is not particularly popular by Castle Eden conveyancing practitioners as a result. The other main concern is the extent of the remedies available - a jilted purchaser is not likely to obtain an injunctive ruling by a court to prohibit the seller selling to a third party, so the only remedy available under the contract will be the reimbursement of wasted charges and, in rare scenarios, the extra payment of damages.
We had selected solicitors based in Castle Eden on the Virgin Money solicitor approved list. They are now charging me a separate fee for handling the Virgin Money mortgage. Is this an additional conveyancing fee set by Virgin Money?
Provided it is contained in their Terms and Conditions or estimate then yes your property lawyer can levy a fee for this. The fee is not dictated by Virgin Money but by your Castle Eden property lawyer. Some firms on the Virgin Money panel will quote ’dealing with mortgage’ fee but many firms include it on their overall fee.
How can we know in advance if a Castle Eden conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Castle Eden seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor handling your conveyancing.
At last I have had an offer on an apartment in Castle Eden agreed to, but there is a chain. The vendors have offered on somewhere, however it’s not yet tied up, and have viewings of other flats booked. I have chosen a local conveyancing solicitor in Castle Eden. What should be my next step? At what point should I apply for the mortgage with Coventry BS?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Castle Eden conveyancing search costs, etc). First, you must check that your property lawyer is on the Coventry BS approved list. Regarding the subsequent steps this very much dictated by the uniqueness of your case, desire for the property and on the state of the market. In a rising market many purchasers would apply for a home loan with Coventry BS and arrange for the valuation and only if it was satisfactory would they request their lawyer to move forward with the conveyancing in Castle Eden.
Have completed on a a terraced house in Castle Eden , how long should it take for the Land Registry to record the transfer to my name? My Castle Eden conveyancing solicitor has been very slow, so I want to check that my ownership is registered.
There is nothing unique when it comes to conveyancing in Castle Eden registration formalities. As opposed to being determined by geographic area, timescales can vary subject to the party submitting the application, whether there are errors and if the Land registry must send notices to any 3rd parties. Currently roughly three quarters of such applications are fully dealt with within two weeks but occasionally there can be protracted hold-ups. Historically registration occurs after the new owner has moved in to the premises thus post completion formalities is not usually primary concern yet where there is a degree of urgency associated with the registration then you or your lawyers can speak with the land registry and explain the circumstances.
How does conveyancing in Castle Eden differ for new build properties?
Most buyers of new build premises in Castle Eden contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Castle Eden typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Castle Eden or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Castle Eden is the location of the property. Can you offer any opinion?
Flying freeholds in Castle Eden are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Castle Eden you would need to get your solicitor to go 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 Castle Eden 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.
My partner and I are purchasing a first floor flat in Castle Eden. When we first instructed conveyancing practitioner, we were told they were on all mainstream mortgage company panels. Our financial adviser emailed yesterday to advise that they are not on the UBS approved list. If it turns out to be true, what should we do? Should we simply find a new lawyer that is on their panel or do we pay for dual representation, with UBS appointing their own preferred lawyer.
If you are purchasing a property requiring a mortgage it is conventional for the purchaser’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's list of approved lawyers. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the solicitor has to fulfill. Some lenders now insist their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancing practitioner should contact UBS 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 UBS's conveyancing panel and you may continue to use your own Castle Eden solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.