My wife and I are looking to buy a property in St Ives and are in fact using a St Ives conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Lloyds TSB Bank have this afternoon contacted us to inform me that there is now an issue as our St Ives solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual 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 Accreditation Scheme. Your property lawyer 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 and you may continue to use your own St Ives solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I am purchasing a new build flat in St Ives. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in St Ives you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in St Ives.
We expect to receive a OIP from Yorkshire BS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any St Ives solicitors on the Yorkshire BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint St Ives solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
I have decided to exercise my right to buy my property in St Ives off the council. I have a mortgage agreed with Clydesdale. 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 Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
After months of negotiation I have agreed a price on a house in St Ives. My financial adviser pressured me to appoint their property lawyer. I paid an advanced payment of £225. Soon after, the solicitor called me sheepishly admitting that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
It has been five months following my purchase conveyancing in St Ives completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. 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 premises 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.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in St Ives I like with a park and transport links nearby, however it only has 51 years unexpired on the lease. There is not much else in St Ives in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the shortness of the lease may be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I am using a search engine for the words conveyancing in St Ives it shows results of many conveyancerslocally. How do I determine which is the right property lawyer for my move?
The preferential method of finding a suitable conveyancer is via trusted testimonial, so seek the opinion of friends and those you trust who have bought a property in St Ives or a respected estate agent or financial adviser. Charges for conveyancing in St Ives vary, so it's advisable to request at least three quotes from varying types of companies. Be sure to obtain confirmation what costs in the quote includes.