My wife and I are hoping to purchase a property in Childs Hill and have appointed a Childs Hill conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. National Westminster Bank have this morning contacted us to advise us that they have now hit a problem as our Childs Hill conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent 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 property lawyer should contact your lender 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Childs Hill solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Can conveyancing in Childs Hill to be done in less than 10 days?
First, If you are under time constraints to sign contracts we would recommend that your lawyer is familiar with the location as they will make use of local relationships and intelligence. It is possible that they would have transacted previoushomes in the same street. Therefore consider using a Childs Hill conveyancing solicitor. In addition, double check that the lawyer is on the lender panel. It is understood that 18% of Childs Hill conveyancing deals are frustrated or derailed after finding out that a purchaser’s solicitor was not on their banks panel. In many cases this discovery resulted in the legal transfer of property being frustrated by as much as three weeks. It is claimed that this issue affects approximately 100,000 home sales every year. Many Childs Hill conveyancing practices can not represent certain lenders so do check at the outset.
Are the Childs Hill conveyancing solicitors identified as being on the Nationwide conveyancing panel, together with their details provided by Nationwide?
Childs Hill conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
We expect to receive a OIP from Nationwide this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Childs Hill solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Childs Hill solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
My partner and I are in the throws of looking at apartments in Childs Hill and I am about to put in an offer. Should I already have a lawyer in place at this point? I am planning to take a home loan with TSB.
It would be prudent to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are taking out a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Childs Hill solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Childs Hill postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Childs Hill.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Childs Hill is the location of the property. What do you suggest?
Flying freeholds in Childs Hill are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Childs Hill you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Childs Hill may decide 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 property.
In what way can the Landlord & Tenant Act 1954 impact my business offices in Childs Hill and how can your lawyers assist?
The 1954 Act provides protection to commercial leaseholders, giving them the right to apply to court for a renewal tenancy and continue in occupation when the lease comes to an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Childs Hill is one of the many areas of the UK in which our lawyers are based