My husband and I are planning to acquire a house in Paignton and are in fact using a Paignton conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Coventry Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Paignton solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property requiring a mortgage it is conventional for the purchasers' solicitors 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 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Paignton lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Please help - my lawyer says that defective lease insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Paignton?
The right level of defective lease indemnity insurance depends on who your lender is. It would differ for example between Halifax and The Royal Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such policies.
is it true that all Paignton solicitor practices on the Leeds Building Society conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be governed by the SRA. The majority of lenders do allow licenced conveyancers on their panel in which case such organisation would be regulated by the Council of Licensed Conveyancers.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Paignton bank branch on numerous occasions and was informed it wasn't a problem and they will lend. My Paignton conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend in accordance with their published requirements. Who do I believe?
Provided that the property lawyer is on the lender approved list, they must adhere to the Council of Mortgage Lenders’ Handbook provisions for the lender. 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Will commercial conveyancing searches reveal proposed roadworks that could affect a commercial property in Paignton?
Many commercial conveyancing solicitors in Paignton will execute 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 Paignton. 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 Paignton.
For each commercial conveyancing transaction in Paignton it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can cause delays to Paignton commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not ordered for residential conveyancing in Paignton.
Despite weeks of looking the Title Certificate and documents to my house are lost. The lawyers who did the conveyancing in Paignton 10 years ago have long since closed. Will I be able to sell the house?
Assuming the title is registered the information relating to your ownership will be documented by HMLR under a Title Number. It is easy to perform a search at the Land Registry, locate your property and secure up to date copies of the Registered Entries for a small fee. If the property is Leasehold then the Land Registry will also normally hold a file copy of the Registered Lease and again, a copy can be ordered for twenty pounds.
How does conveyancing in Paignton differ for new build properties?
Most buyers of new build property in Paignton contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Paignton usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Paignton or who has acted in the same development.
I am selling my property. My past lawyers closed down. I am in need of a recommendation of a conveyancing firm. I happen to live in Paignton if that affects matters.
Do use our search tool to help you find a solicitor for your conveyancing in Paignton. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs smoothly.