My partner and I are planning to purchase a home in Wallsend and have appointed a Wallsend conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. The Royal Bank of Scotland have this afternoon contacted us to advise us that they have now hit a problem as our Wallsend conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also represent 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 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Wallsend lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
When can the exchange of contracts take place for sale conveyancing in Wallsend and am I required to attend the solicitors office?
If you are in close proximity to one of the conveyancing solicitors in Wallsend you are welcome to attend to sign the paperwork. That being said, the law practices we recommend supply countrywide coverage for conveyancing and provide as equally diligent and professional a job for you when dealing with you by post or email. The signing of the contract is not when everything is set in stone. Signing on the dotted line is necessary for the firm to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Wallsend)to be in the office available at the end of the phone to exchange contracts.
Various online forums that I have come across warn that are the number one reason for hinderance in Wallsend house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in Wallsend.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a quick, no chain conveyancing. Wallsend is where the house is located. Can you offer any assistance?
Flying freeholds in Wallsend are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wallsend you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wallsend may determine 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 property.
My husband and I are novice buyers - agreed a price, but the selling agent told us that the vendor will only issue a contract if we appoint their preferred solicitors as they want a ‘quick sale’. My instinct tells me that we should use a high street conveyancer accustomed to conveyancing in Wallsend
It is highly unlikely the sellers are behind this. If they desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is going to damage their objectives. Avoid the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you intend to instruct your own,trusted Wallsend conveyancing lawyers - not the ones that will give their negotiator at the agency a introducer fee or hit his conveyancing thresholds pre-set by senior management.