My fiance and I are looking to purchase a home in Petersfield and are in fact using a Petersfield conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Clydesdale have this afternoon contacted us to inform me that there is now an issue as our Petersfield solicitor 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 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 Quality Scheme. Your solicitor should contact your mortgage company 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 Petersfield solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My wife and I are only a couple days away from an exchange on a flat in Petersfield and my parents have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has not come from me my property lawyer needs to disclose this to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancer is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We note that you have a post code search directory identifying solicitors on the Santander conveyancing panel. Do firms pay you a referral fee if I instruct them for our conveyancing in Petersfield?
We are a listing service only for law firms wishing to communicate if they are on the Santander conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Petersfield.
A friend advised me that in buying a property in Petersfield there could be a number of restrictions prohibiting external alterations to a property. Is this right?
There are a number of properties in Petersfield which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Petersfield should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have today made my last payment due on my mortgage with UBS. I assume I don't need a Petersfield solicitor on the UBS panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your UBS 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 UBS mortgage from the register. UBS, 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 UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
Santander have agreed my home loan in principle, my offer on a property in Petersfield has been agreed to, what happens next?
The estate agent will need to know who your solicitors are (ensure that the property lawyers are on the bank’s approved list). Contact Santander or the broker and finish off any appropriate documentation. Santander will instruct a valuer who will get in contact with the estate agent or owners to schedule a time for the valuation to happen. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Santander will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Petersfield.
I require expedited conveyancing in Petersfield as I have a deadline to sign on the dotted line within one month. A mortgage is not required. Is it possible to avoid the conveyancing searches to save fees and time?
If.Given you are are a mortgage free purchaser you have the choice not to have searches carried out although no law firm would advise that you don't. Drawing on years of experience of conveyancing in Petersfield the following are instances of what can crop up and therefore affect the marketability of the property: Refused Planning Applications, Overdue Charges, Outstanding Grants, Railway Schemes,...
I bought my apartment on 10 August and the transaction details are still not registered. Need I be worried? My conveyancing solicitor in Petersfield expressed confidence that it would be dealt with in less than a month. Are transfers in Petersfield uniquely lengthy to register?
As far as conveyancing in Petersfield is concerned, registration is no faster or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timeframes can vary depending on who lodges the application, whether there are errors and if the Land registry have to notify any third parties. Currently approximately 80% of submission are completed within two weeks but some can be subject to longer hold-ups. Historically registration takes place once the new owner is living at the premises therefore 'speed' is not usually top priority yet where it is urgent that the the registration takes place urgently then you or your solicitor should contact the land registry and explain the circumstances.