My wife and I are looking to purchase a property in Plumstead and have instructed a Plumstead conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Accord Mortgages Ltd have this afternoon contacted us to advise us that they have now hit a problem as our Plumstead conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is normal 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 Quality Scheme. Your property lawyer 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 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 Plumstead solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Our conveyancer has discovered a a problem with the lease for the flat we are buying in Plumstead. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must be satisfied that the bank is content with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. These conveyancing instructions have to be complied with.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Plumstead. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 19/7/2021, the requirements read as follows :
Forgive me if this question is silly but I am unexperienced as FTB of a ground floor flat in Plumstead. Do I receive the keys to the house on the completion date from my solicitor? If this is the case, I will appoint a local conveyancing solicitor in Plumstead?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the vendor’s lawyers, and shortly after the monies have arrived, you will be called to receive the keys from the selling Agents and move into your new home. Usually this occurs between 1 and 3pm.
How can we tell if a Plumstead conveyancing solicitor on the Kent Reliance panel is any good?
When it comes to conveyancing in Plumstead getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the lawyer carrying out your transaction.
I have instructed a Plumstead lawyer having checked that they are on the Aldermore conveyancing panel. Does my lawyer arrange the survey of the property?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Plumstead surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does the Landlord & Tenant Act 1954 impact my commercial offices in Plumstead and how can you help?
The particular law that you refer to gives a safeguard to business leaseholders, giving them the right to make a request to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and help with commercial conveyancing in Plumstead
I need to instruct a conveyancing solicitor for sale conveyancing in Plumstead. I've stumble across a site which looks to be the perfect solution If it is possible to get all the legals done via web that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?