My partner and I are hoping to purchase a home in Albany Park and are in fact using a Albany Park conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. The Mortgage Works have this evening contacted us to advise us that there is now an issue as our Albany Park conveyancer is not on their conveyancing panel. What do we do from here?
If you are buying a property requiring a mortgage it is normal 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 Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Albany Park solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We are about to exchange contracts for a garden flat in Albany Park. We have hit a problem. The mortgage offer with Lloyds TSB Bank runs out on 17/6/2019 but the owners are insisting on a completion date of 19/6/2019. Can one prolong the loan expiry date?
The best person to deal with your question is your lawyer who is in a position to determine if he or she is should be discussing with the lender, owner’s conveyancers, estate agents or possibly all parties based on the history of your house move as of today.
Can your site be used to find a Conveyancing solicitor in Albany Park even where I’m not buying or disposing of a house, for instance if I intend to buy a shop in Albany Park with a mortgage from Nottingham Building Society?
Our comparison service is predominantly utilised to find domestic conveyancing solicitors in Albany Park but we have listed at the bottom of this page a few Albany Park commercial conveyancing firms. You should enquire with the solicitors directly to establish if they can also act for Nottingham Building Society
Is it the case that all Albany Park CQS (Conveyancing Quality Scheme) solicitors are on the Virgin Money conveyancing panel?
It is true that some banks and building societies now make use of CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
When it comes to lenders such as Bank of Ireland, do Albany Park lawyers face a yearly amount to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I am currently in the process of buying my council flat in Albany Park. I have a mortgage offer with Nationwide. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
I bought my house on 12 February and the transaction details is yet to be on the land registry website. Should I be concerned? My conveyancing solicitor in Albany Park expressed confidence that it should be registered inside ten days. Are transfers in Albany Park uniquely lengthy to register?
There is nothing unique about conveyancing in Albany Park registration formalities. Rather than based on location, timeframes can adjust according to who lodges the application, whether there are errors and whether the Land registry must send notices to any other persons or bodies. Currently approximately 80% of such applications are completed in less than three weeks but some can be subject to extensive delays. Historically registration takes place once the purchaser is living at the premises thus an expedited registration is not typically top priority yet if it is urgent that the the registration takes place urgently then you or your conveyancer should speak with the land registry and explain the circumstances.