I am hoping to receive a mortgage with Nat West. I intend to instruct a Licensed Conveyancer in Stamfordham. Does the Nat West Conveyancing panel include Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Due to move into my new home in Stamfordham next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not specific to conveyancing in Stamfordham.
When can the exchange of contracts happen for purchase conveyancing in Stamfordham and am I required to attend the solicitors branch?
Where you are in close proximity to one of the conveyancing solicitors in Stamfordham you are invited in to sign contracts. However, the law practices we recommend supply countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when communicating with you digitally. The signing of the purchase agreement is not the important part. Signing on the dotted line simply enables the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Stamfordham)to be in the office available at the end of the phone to exchange contracts.
I have paid off my mortgage with Leeds Building Society. I assume I don't need a Stamfordham property lawyer on the Leeds Building Society panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
Nottingham have agreed my mortgage in principle, my offer on a property in Stamfordham has been accepted, now what?
Your property agent will want to be advised as to your solicitor's details (ensure that the property lawyers are on the bank’s panel). Call up Nottingham or your broker and complete any appropriate paperwork. Nottingham will appoint a valuer who will get in touch with the estate agent or vendor to arrange a time for the valuation to happen. Once carried out (assuming no problems) it takes approximately ten days to get a mortgage offer. Nottingham will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Stamfordham.
I have finally had an offer on an apartment in Stamfordham agreed to, but there is a chain. The sellers have offered on a property, but it’s not yet agreed to, and are looking at other flats booked. I have chosen a bricks and mortar conveyancing solicitor in Stamfordham. What should be my next step? When should I get the mortgage application with Leeds Building Society started?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (home loan application is in the region of £1k, then valuation, Stamfordham conveyancing search charges, etc). The first thing to do is ensure that your property lawyer is on the Leeds Building Society approved list. Concerning the subsequent steps this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. During a hot market the majority of purchasers would apply for a home loan with Leeds Building Society and pay for the valuation and only if it was satisfactory would they pay their solicitor to press on with searches.
I am looking for a leasehold apartment up to £305k and identified one close by in Stamfordham I like with amenity areas and railway links nearby, however it only has 52 years on the lease. I can't really find anything else in Stamfordham suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign 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.
My brother has recommend that I use his conveyancing solicitors in Stamfordham. Do I take his advice?
No doubt the best way to select a conveyancing solicitor is to seek recommendations from friends or relatives who have actually experience in using the solicitor you're are thinking of instructing.