My fiance and I are looking to purchase a house in Southwark and have appointed a Southwark conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Britannia have this morning contacted us to inform me that there is now an issue as our Southwark solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance of a mortgage it is conventional 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 Accreditation Scheme. Your solicitor should contact your bank 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 lender’s conveyancing panel as you are at liberty to use your preferred Southwark lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I have given 8 weeks notice to my existing landlord and must vacate my let out flat in Southwark by the end of next month. Conveyancing for my house purchase has just started. Can I complete in six weeks as don't want to have to find temporary accommodation?
Generally one should not give notice for your tenancy unless your lawyer suggests that you should. If you have not already done so, notify to your lawyer and request that they chase the sellers solicitors, try to get a realistic time scale from them that everyone will work towards
How do I find out if the solicitor conducting my conveyancing in Southwark is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for The Mortgage Works thus paying £175.00 in another set of legal costs.
You should take advantage of the find a lender approved solicitor tool on this page. Please choose the lender and type ‘Southwark’ or your preferred area and you will be presented with numerous solicitors offices in Southwark or near you.
2 months have gone by since my purchase conveyancing in Southwark took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a simple, chain free conveyancing. Southwark is the location of the property. Can you shed any light on this issue?
Flying freeholds in Southwark are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Southwark you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southwark may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Me and my wife accepted an offer on a Southwark house left to us some years ago in 2009. I have over a decades worth of conveyancing experience and, although retired, intend to do the conveyancing. The buyer's conveyancer has informed me that their bank will not allow us to do our own conveyancing insisting the funds to be transferred to a solicitor's bank account.
Mortgage requirements to conveyancing practitioners from all CML members state that If the vendor is not legally represented the borrower's lawyers should check whether the mortgage company needs to be told so that a decision can be reached if they are willing to proceed.