My partner and I are looking to buy a property in Shildon and are in fact using a Shildon conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. The Mortgage Works have this evening contacted us to advise us that there is now an issue as our Shildon conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property requiring a mortgage it is conventional for the purchasers' solicitors to also act for the mortgage company. 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 solicitors to act. 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 Shildon lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We were just about to exchange contracts for a semi detached house in Shildon. We encountered a problem. Our loan offer with Coventry Building Society runs out on 11/11/2024 but the vendors are suggesting a completion date of 13/11/2024. Is it possible to prolong the mortgage offer?
The best person to address this question is your solicitors who should determine whether he or she is better off negotiating with the bank, owner’s solicitors, estate agents or possibly all parties taking into account the history of your transaction to date.
Why do I have to pay up front for conveyancing in Shildon?
Where you are retaining lawyers for conveyancing in Shildon your solicitor will ask you put them with monies to cover the search fees. Normally this is called for to cover the fees of the Local Authority Search. If any down payment is as part of the total price then this should be asked for immediately before contracts are exchanged. The final balance that is due should be transferred shortly before completion.
Is it correct that all Shildon CQS (Conveyancing Quality Scheme) solicitors are on the Santander conveyancing panel?
Some major lenders now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
How can we know in advance if a Shildon conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Shildon getting recommendations is a good 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 which is cheap as chips. We would always suggest that you speak with the solicitor conducting your conveyancing.
The formalities of my remortgage has taken place for my property in Shildon. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in Shildon I like with a park and station in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Shildon in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
We are first time buyers just having agreed a price on a property in Shildon, and are about to get solicitors appointed. We have used the numerous comparison based websites and the quotes are from all across the the UK. Is it necessary to have a Shildon conveyancer local to your potential property? We are content to do everything over email, but I guess at some stage we may need to visit the lawyer's office to sign documents?
The lawyer does not have to be in Shildon, but choosing local means that you can attend their offices if required, for instance, if a signature is immediately necessary. Furthermore, a Shildon solicitor is likely to be familiar with local agents and (if the vendor has chosen a local conveyancing practitioner) with them, which will help keep things moving faster.