My wife and I are looking to acquire a home in Leek and are in fact using a Leek conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Norwich and Peterborough Building Society have this afternoon contacted us to inform me that there is now an issue as our Leek conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also act for 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 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Leek lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
The owners have rather brash sellers who has suggested a preliminary contract with a deposit of 5k. Is it wise to enter into such agreements?
There are a couple of primary drawbacks with signing a lock out contract (also termed a no-shop agreement) is that it diverts attention away from progressing with the conveyancing process, so unless it requires little or no negotiation then it could turn out to be a cause of frustration and delay. It is not particularly popular by Leek conveyancing lawyers for this reason. A supplemental concern is the extent of the remedies available - an aggrieved purchaser is extremely unlikely to be granted injunctive relief to stop the vendor completing the sale to a third party, so the only remedy open via the contract will be the recovery of abortive charges and, in limited scenarios, the additional payment of damages.
After scouring moneysavingexpert.com for an online lawyer in Leek, most say that I should use a CQS accredited solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home moving process, trusted by some of the UK's leading mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). CQS is not a scheme offered by the Society for Licensed Conveyancers. Leek is one of the numerous areas in England and Wales where there are CQS solicitors.
I bought my flat on 10 November and the transaction details is not yet registered. Should I be concerned? My conveyancing solicitor in Leek said it would be formalised in less than a month. Are properties in Leek uniquely lengthy to register?
As far as conveyancing in Leek is concerned, registration is no quicker or slower than the rest of the country. Rather than based on location, timeframes can adjust depending on the party submitting the application, whether it is in order and if the Land registry communicate with any 3rd parties. Currently in the region of 80% of such applications are completed in less than three weeks but occasionally there can be extensive delays. Registration occurs once the buyer has moved in to the premises therefore registration formalities is not always an essential issue yet if there is a degree of urgency associated with the registration then you or your lawyers could speak with the land registry and explain the circumstances.
We're first time buyers - had an offer accepted, but the agent informed us that the vendor will only proceed if we appoint their recommended solicitors as they want an ‘expedited deal’. We would rather use a local solicitor accustomed to conveyancing in Leek
It is highly unlikely the vendors are driving this. Should the seller desire ‘a quick sale', taking such a hostile approach to a serious purchaser is is going to put the whole deal at risk. Bypass the agents and go straight to the sellers and explain that (a)you are motivated purchasers (b)you are ready to progress, with finances arranged © you have nothing to sell (d) you wish to move quickly (e)however you are going to appoint your own,trusted Leek conveyancing firm - as opposed tothose that will earn the negotiator at the agency a kickback or meet his conveyancing targets pre-set by senior management.
Are there any specific benefits to choosing a local conveyancer in Leek
Plenty of house movers in Leek decide on using a nearby high street conveyancer so that they can attend the lawyer’s offices just in case they have problems, and to collect documents without using the Royal Mail.
There is a distinct advantage in selecting a conveyancing practitioner nearby to the house you are hoping to purchase, due to the familiarity of the area and potential local issues - however this is moot. Many conveyancers undertaking their work via the web and may be anywhere in the world.