My fiance and I are hoping to acquire a flat in Exeter and are in fact using a Exeter conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Virgin Money have this evening contacted us to advise us that there is now an issue as our Exeter conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers to also act for 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 Quality Scheme. Your property lawyer 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Exeter lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
What does my ID and proof of funds have anything to do with my conveyancing in Exeter? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the ID of the potential client they are dealing with before they can accept their conveyancing instruction. The Terms of Engagement that you are required to sign should confirm this. Your lender will also require certain documents to be viewed. Should you are unwilling to provide ID verification documents, your lawyer would not be able to act for you.
I am currently in the process of buying my council flat in Exeter. I have a mortgage agreed with Kent Reliance. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Exeter bank branch on numerous occasions and was told they are content with the situation and they will lend. My Exeter conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. I have no idea who is right.
The conveyancer must comply with the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Our offer on a house in Exeter has been accepted, but there is a chain. The sellers have offered on on an apartment, however it’s not yet tied up, and are looking at other properties in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Exeter. What do I do now? When do I get the mortgage application with TSB going?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of one thousand pounds, then valuation, Exeter conveyancing search charges, etc). First, you must ensure that your solicitor is on the TSB conveyancing panel. Regarding the next stages this very much depends on the circumstances of your transaction, attraction to this property and on the state of the market. During a buoyant market some buyers would apply for the mortgage with TSB and arrange for the valuation and only if it was satisfactory would they request their lawyer to move forward with the conveyancing in Exeter.
I acquired my flat on 2 July and my personal details is yet to be registered. Any reason for this? My conveyancing solicitor in Exeter said it will be dealt with in a couple of weeks. Are transfers in Exeter particularly slow to register?
There is nothing unique when it comes to conveyancing in Exeter registration formalities. As opposed to being determined by geographic area, timescales can vary according to who lodges the application, whether it is in order and if the Land registry communicate with any interested parties. At present in the region of 80% of submission are fully addressed within two weeks but occasionally there can be longer hold-ups. Historically registration occurs after the purchaser is living at the premises so an expedited registration is not usually an essential issue yet if there is a degree of urgency associated with the registration then you or your conveyancer must speak with the land registry and explain the circumstances.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Exeter is where the house is located. Can you offer any guidance?
Flying freeholds in Exeter are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Exeter you must be sure that your lawyer goes 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 Exeter may determine 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.
I am using a search engine for the words on line conveyancing in Exeter it reveals many property lawyersin the area. With so much choice what is the best way to find the right conveyancer for me?
The best method of seeking the right conveyancer is via trusted testimonial, so ask friends and relatives who have acquired a property in Exeter or the reputable estate agent or financial adviser. Fees for conveyancing in Exeter vary, so it's sensible to secure a minimum of four estimates from varying types of law firms. Dont forget to clarify that the costs are assured not to escalate.