My husband and I are looking to buy a property in Choppington and are in fact using a Choppington conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Ireland have this afternoon contacted us to advise us that they have now hit a problem as our Choppington conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is standard 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Choppington lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Various web forums that I have frequented warn that are the number one cause of obstruction in Choppington house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Choppington.
I completed on my flat on 3 June and the transaction details is not yet registered. Need I be worried? My conveyancing solicitor in Choppington advises it will be formalised inside ten days. Are properties in Choppington uniquely lengthy to register?
There is nothing unique about conveyancing in Choppington registration formalities. As opposed to being determined by geographic area, timescales can adjust according to who lodges the application, whether there are errors and whether the Land registry must send notices to any interested parties. As of today in the region of three quarters of submission are fully dealt with in less than three weeks but some can be subject to protracted hold-ups. Registration is effected once the buyer has moved in to the property thus an expedited registration is not always an essential issue yet where there is a degree of urgency associated with the registration then you or your conveyancer must contact the land registry and explain the circumstances.
Due to the input of my in-laws I had a survey completed on a property in Choppington ahead of retaining conveyancers. I have been informed that there is a flying freehold element to the property. The surveyor advised that some banks will refuse to give a mortgage on such a home.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Choppington. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Choppington to see if the conveyancing will be more expensive.
I am about to complete buying a house in Choppington but as a consequence of damage from the recent storms I have negotiated recompense from the seller of £2k by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but the lender will not agree to this. Why were they involved?
The conveyancing practitioner that is on the mortgage company approved list is duty bound to disclose to the mortgage company of any changes to the sale price. If you did not allow your conveyancer to disclose the reduction to your bank then they would have to disinstructing themselves from representing you and the mortgage company.