We are about to exchange contracts for a garden flat in South Norwood. We have hit a snag. Our loan offer with Virgin Money runs out on 13/12/2021 but the vendors are insisting on a completion date of 15/12/2021. Can one extend the loan expiry date?
The best person to address this question is your lawyer who will hopefully determine whether they corresponding with the lender, owner’s lawyers, property agents or possibly all three taking into account the history of your house move to date.
The South Norwood conveyancing lawyers that I recently instructed on my purchase in South Norwood have suddenly shut down. They were on acting for me because I needed a lawyer on the UBS conveyancing panel and my family South Norwood lawyer was not. I gave my credit card details for them to take £195 for searches. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the UBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
Is it the case that all South Norwood CQS (Conveyancing Quality Scheme) solicitors are on the Barclays conveyancing list of approved solicitors?
A selection of banks and building societies now utilise CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of firms.
is it true that all South Norwood solicitor firms on the Lloyds conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Lloyds conveyancing panel they would need to be regulated by the SRA. The majority of lenders do list licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
I had an offer accepted on a house in South Norwood on 24/8/2021, valuation was booked 3 days after, all came back fine. Solicitor appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Nottingham and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Nottingham conveyancing panel. Are Nottingham entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
Various online forums that I have visited warn that are a common cause of hinderance in South Norwood conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in South Norwood.
How does conveyancing in South Norwood differ for newly converted properties?
Most buyers of new build residence in South Norwood approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is constructed. This is because developers in South Norwood usually buy the land, 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 accustomed to new build conveyancing in South Norwood or who has acted in the same development.
How easy is it to use your search tool to locate a conveyancing practitioner in South Norwood on the authorised to act for my lender?
1st pick a mortgage company such as Santander, Skipton Building Society or Nottingham Building Society then specify your location for example South Norwood. Conveyancing organisations in South Norwood and further afield should be identified.