Why do I have to pay up front for conveyancing in Cockfosters?
If you are buying a property in Cockfosters your solicitor will ask you to provide them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the purchase price then this should be asked for immediately before contracts are exchanged. The final balance that is needed should be transferred a couple of days ahead of the completion date.
We're in Cockfosters, First time buyers purchasing with a mortgage (lender is Bank of Ireland , and our solicitor is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am the single recipient of my late mum's will with all property in now in my sole name, including the house in Cockfosters. Conveyancing formalities meant that the Land Registry date was in July. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship may be treated the same way as if I'd bought the house in July. Is the property unsalable for six months?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Some lenders would take a practical view as this requirement chiefly exists to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
When it comes to lenders such as Nationwide, do Cockfosters property lawyers have to pay a fee to be on the list of approved solicitors?
We are not aware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We expect to receive a OIP from Aldermore this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Aldermore recommend any Cockfosters solicitors on the Aldermore conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Cockfosters solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when acquiring a residence in Cockfosters?
Unless a prior purchase of the house took place after 12 October 2013 you could take it that lawyers carrying out conveyancing in Cockfosters to continue to recommend a chancel search and or chancel repair liability policy.
My husband and I have today had a bid accepted on our 1st house in Cockfosters, and are now looking to get solicitors lined up. We have used the numerous comparison tools and the quotes are from all across the England and Wales. Is it important to have a Cockfosters conveyancer local to your prospective new home? We are happy to do all the communicating electronically, but I assume at some stage we may need to attend the solicitor's office to sign documents?
On the whole there is no requirement to attend the office of your conveyancer, they can send any relevant papers to you, which you can sign and send back. Many buyers and sellers choose to use a locally based solicitor, but it is not a prerequisite for conveyancing in Cockfosters.