Can you clarify what the consequences are if my lawyer’s firm is suspended from the TSB Conveyancing panel ahead of completing my conveyancing in North Ockendon?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
This question may be naive but I am unseasoned as a 1st time buyer of a two bedroom flat in North Ockendon. Do I receive the keys to the property on completion from my lawyer? If so, I will find a local conveyancing solicitor in North Ockendon?
On the day of completion you will not be required to attend the conveyancers office in North Ockendon. Conveyancing lawyers for you will transfer the purchase money to the vendor’s lawyers, and once they have received this, you will be able to receive the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
When it comes to lenders such as Barclays, do North Ockendon conveyancing practitioners have to pay a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
My husband and I have arranged the release of further funds on our home loan from Principality as we want to conduct renovations to our house in North Ockendon. Are we obliged to appoint a high street North Ockendon solicitor on the Principality conveyancing panel to deal with the paperwork?
Principality would not normally appoint a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality panel.
2 months have elapsed since my purchase conveyancing in North Ockendon took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I opted to have a survey completed on a house in North Ockendon in advance of appointing solicitors. I have been advised that there is a flying freehold aspect to the house. My surveyor has said that some banks will not give a mortgage on a flying freehold property.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in North Ockendon. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I go with a North Ockendon conveyancing practitioner based in the vicinity that I am hoping to buy? We have a good friend who can carry out the conveyancing however his firm is located a couple of hundredmiles away.
The primary upside of using a local North Ockendon conveyancing firm is that you can visit the firm to sign documents, deliver your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and in the main were impressed that must surpass using an unknown North Ockendon conveyancing solicitor just because they are local.
Can you please explain what my options are where my North Ockendon conveyancing searches reveals adverse results?
Ordinarily, most concerns arising from North Ockendon conveyancing search results can be dealt with before completion or title insurance may be obtained. You need to note that even though you intend on buying the property and might be content to accept the search results, your mortgage lender may not, and ultimately the decision rests with them.