My partner and I are looking to acquire a flat in North Cave and are in fact using a North Cave conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Yorkshire Building Society have this morning contacted us to inform me that they have now hit a problem as our North Cave 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 normal for the purchasers' lawyers 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 solicitor 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own North Cave solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Is it realistic for conveyancing in North Cave to be done within a month?
Where the seller is applying time constraints for your conveyancing it is highly recommended that your solicitor is familiar with the location as they will have local contacts and insight. It is even conceivable that they would have transacted previoushomes in the same neighbourhood. Therefore consider using a North Cave conveyancing firm. In addition, check that the lawyer is on the member panel. It is claimed that nearly one in five of North Cave conveyancing deals are held up or jeopardised after finding out that a purchaser’s lawyer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the transaction being delayed by as much as 21 days. It is claimed that this issue affects approximately one hundred thousand home sales every year. Almost all North Cave conveyancing firms can not act for certain lenders so do check as early as possible.
I have been referred to a conveyancing solicitor in North Cave. I I would like to check whether they are accepted on the Leeds Building Society approved list of lawyers. Could you advise?
The first thing you should do is phone the solicitor and ask them whether they are on the lender panel. Alternatively you can get in touch with Leeds Building Society who may be able to assist.
This question may be naive but I am wet behind the ears as FTB of a two bedroom flat in North Cave. Do I receive the keys to the house on completion from my solicitor? If so, I will appoint a local conveyancing solicitor in North Cave?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the vendor’s conveyancers, and once they have received this, you should be called to pick up the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
I have today made my last payment due on my mortgage with Barclays. I assume I don't need a North Cave property lawyer on the Barclays panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Barclays mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Barclays mortgage from the register. Barclays, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
Our offer on a detached house in North Cave has been agreed to, but there is a chain. The sellers have put an offer on a flat, but it’s not yet tied up, and have viewings of other flats booked. I have selected a high street conveyancing solicitor in North Cave. What should be my next step? At what stage should I apply for the mortgage with Aldermore?
It is normal to have concerns where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx £1k, then survey, North Cave conveyancing search costs, etc). First, you must check that your property lawyer is on the Aldermore conveyancing panel. Regarding the next stages this very much dictated by the specifics of your case, attraction to the property and on the state of the market. During a buoyant market some purchasers would apply for the mortgage with Aldermore and pay for the valuation and only if it comes back ok would they request their conveyancing practitioner to press on with the conveyancing in North Cave.
I have been told that property searches are the primary reason for stalling in North Cave conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in North Cave.
My husband and I are novice buyers - had an offer accepted, yet the selling agent advised that the vendor will only issue a contract if we appoint the agent's chosen conveyancers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a high street conveyancer who is familiar with conveyancing in North Cave
It is improbable the vendors are behind this. If they require ‘a quick sale', taking such a hostile approach to a serious buyer is going to damage their objectives. Try to communicate with the vendors directly and make sure they comprehend that (a)you are genuine purchasers (b)you are excited to move forward, with finances in place © you are unencumbered (d) you wish to move quickly (e)but you intend to appoint your preferred North Cave conveyancing firm - rather thanthose that will provide their estate agent a introducer fee or hit his conveyancing figures pre-set by senior management.