My fiance and I are looking to purchase a house in Selsdon and are in fact using a Selsdon 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. Chelsea Building Society have this evening contacted us to advise us that they have now hit a problem as our Selsdon solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is standard 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 Quality 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Selsdon solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
My conveyancer has discovered a a legal deficiency with the lease for the property we are purchasing in Selsdon. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions 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 lender are the client. The appropriate lender specifications have to be complied with.
I am selling my apartment in Selsdon. Will my conveyancing practitioner need to be required to be on the UBS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the UBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Selsdon?
There are many registered licenced Conveyancers in Selsdon and Solicitor partnerships in Selsdon who can help with your conveyancing We would stress that both are regulated professionals specialising in the legal work in transferring property. Both can deal with other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I happen to be the single beneficiary of my late father’s estate and I have everything in my name now, including the house in Selsdon. Conveyancing formalities meant that the Land Registry date was in May. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship may be considered the same way as if I'd bought the house in May. Is the property unsalable for six months?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Most banks would take a pragmatic view as this provision chiefly exists to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
I have decided to exercise my right to buy my property in Selsdon off the council. I have a mortgage agreed with Aldermore. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
I am using a search engine for the phrase on line conveyancing in Selsdon it shows results of numerous conveyancersin the vicinity. How do I determine which is the suitable solicitor for my move?
The ideal way of choosing the right conveyancer is via personal referral, so enquire of friends and those you trust who have acquired a property in Selsdon or a reputable estate agent or financial adviser. Costs for conveyancing in Selsdon vary, so it's advisable to request at least three fee estimates from varying types of companies. Make sure that you know that the costs are assured not to rise.
Why can I not complete our conveyancing in Selsdon on a bank holiday?
Because on completion the sale price will be transferred electronically between the banks of the buyer and seller's conveyancing practitioner and currently this can only happen on a working day. It is not possible to complete on a saturday or sunday either.