My partner and I are looking to acquire a home in Newham and have instructed a Newham conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. HSBC Bank have this afternoon contacted us to advise us that there is now an issue as our Newham conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors 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 Accreditation Scheme. Your property lawyer should contact your bank 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 Newham solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Can the conveyancing practitioners that you recommend handle auction conveyancing in Newham?
We know of a number of niche practitioners we can connect you with those who can conduct auction conveyancing. Newham is one of our areas of where our lawyers cover.
If you had a top tip for selecting a conveyancing solicitor in Newham what would it be?
It would be unwise to be tempted by the lowest Newham conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Newham bank branch on various occasions and was told it wasn't an issue and they would lend. My Newham conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend in accordance with their specific requirements. Who do I believe?
Provided that the solicitor is on the lender approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 left on the lease.
Bank of Ireland have agreed my mortgage in principle, my bid on a flat in Newham has been agreed to, what are the next steps?
The estate agent will want to know who your solicitors are (make sure the property lawyers are on the lender’s panel). Call up Bank of Ireland or the financial adviser and finalise any outstanding paperwork. Bank of Ireland will appoint a valuer who will get in touch with the estate agent or seller to book a time for the valuation to take place. Once conducted (assuming no problems) it takes on average ten days to receive the mortgage offer. Bank of Ireland will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Newham.
Will commercial conveyancing searches reveal planned roadworks that may affect a commercial property in Newham?
Its becoming the norm that commercial conveyancing solicitors in Newham will conduct a SiteSolutions Highways report as it reduces the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Newham. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Newham.
For each commercial conveyancing transaction in Newham it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Newham commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Newham.
Due to the guidance of my in-laws I had a survey completed on a property in Newham prior to retaining solicitors. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some banks tend not grant a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Newham. Conveyancing may be slightly more expensive based on your lender's requirements.
In my capacity as executor for the will of my uncle I am disposing of a property in Monmouth but I am based in Newham. My lawyer (approximately 235 kilometers from mehas requested that I sign a stat dec before the transaction finalising. Could you suggest a conveyancing practitioner in Newham who can attest and place their company stamp on the document?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will be fine regardless of whether they are located in Newham