My wife and I are hoping to purchase a house in Elm Park and have appointed a Elm Park conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this afternoon contacted us to inform me that they have now hit a problem as our Elm Park lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors 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 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 Elm Park solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I have given 2 months notice to my existing landlord and have to vacate my let out flat in Elm Park by the end of next month. Conveyancing on my purchase is underway. Can I complete in three weeks as don't want to have to move into temporary accommodation?
It is unwise to provide notice for your tenancy until exchange of contracts has taken place. Assuming that you have not previously done so, notify to your conveyancer and request that they cajole the other solicitors, try to get a realistic time scale from them that all parties will work to achieve
Is there a reason why leasehold purchase conveyancing in Elm Park is more expensive?
The conveyancing charges on a leasehold property in Elm Park is frequently more expensive as compared to a freehold property. This is because there is an amount of supplemental investigations necessary in liaising with the landlord and management company to collate the evidence about whether the rent and service fee have been cleared and whether there are any major works due in the foreseeable future on repairs or maintenance of the building.
I require expedited conveyancing in Elm Park as I have an ultimatum to sign on the dotted line inside 4 weeks. Thankfully I do not need a mortgage. Can I escape the need for conveyancing searches to save money and time?
As you are not obtaining a home loan you have the choice not to have searches carried out although no conveyancer would suggest that you don't. With plenty of history conveyancing in Elm Park the following are instances of issues that can be revealed and therefore impact market value: Refused Planning Applications, Overdue Charges, Outstanding Grants, Road Schemes,...
Do I need to be suspicious that third parties that I am dealing with are suggesting an internet conveyancing firm as opposed to a High Street Elm Park conveyancing practice?
As is the case with many service providers, often referrals from family and friends can be most helpful. Nevertheless there are lots of parties with a vested interest in a conveyancing matter; estate agents, financial adviser and lenders might all put forward lawyers to instruct. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but sometimes there might be a financial incentive behind the endorsement. You are free to select your preferred conveyancer. Don't forget that many mortgage providers operate an approved list of law firms you must use for the mortgage aspect of your house move.
We are in the midst of a leasehold sale of a flat in Elm Park. Conveyancing is fine but we have been asked to pay a fortune from the landlord. To date we have forked out £225 for a leasehold management information and then another £200 plus VAT for supplemental questions raised by the purchaser's conveyancing practitioner.
Neither you or your conveyancing practitioner will have any control over the level of the fee for this information however the average fee for the information for Elm Park leasehold premises is £355. When it comes to Elm Park conveyancing transactions it is conventional for the owner to pay for these charges. The freeholder or their agents are not duty bound to address these questions although many will be content to do so - albeit often at high prices disproportionate to the work involved. Unfortunately there is no legislation that requires set fees for administrative tasks. There is no prescriptive time limit by which they are duty bound to supply answers.