My fiance and I are planning to acquire a flat in County Durham and have instructed a County Durham conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Nottingham Building Society have this afternoon contacted us to advise us that they have now hit a problem as our County Durham solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also represent 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 Accreditation 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred County Durham lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am purchasing a property without a mortgage in County Durham. I have been residing for the last 15 years in County Durham. Conveyancing searches are a lot of money. Given that I have knowledge of the road and vicinity very well should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a home loan, then almost all of the County Durham conveyancing searches are optional. Your lawyer will 'advise', perhaps strongly, that you should have searches carried out, but he is duty bound to do this. One thing to consider; if you are likely to sell the house at a future date, it may be of importance to your future buyer what the searches determine. There are plenty of instances where properties with day to day issues can still throw up unfavourable search results. A competent conveyancing solicitor in County Durham should provide you some helpful advice concerning this.
I purchased a freehold residence in County Durham yet invoiced for rent, why is this and what is this?
It’s unusual for properties in County Durham and has limited impact for conveyancing in County Durham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Just acquired a terraced house in County Durham , What is the estimated time for the Land Registry to deal with the formalities evidencing my proprietorship? My County Durham conveyancing solicitor has been painfully slow, so I want to check the registration formalities are dealt with.
There is nothing unique about conveyancing in County Durham registration formalities. Rather than based on location, timescales can vary subject to who lodges the application, whether it is in order and whether the Land registry communicate with any third parties. Currently approximately three quarters of such applications are fully dealt with within two weeks but some can be subject to extensive delays. Registration is effected after the new owner is living at the property so 'speed' is not always primary concern yet if it is urgent that the the registration takes place urgently then you or your conveyancer can communicate with the Registry to express the reasoning for an expedited registration.
In sourcing the internet for the phrase on line conveyancing in County Durham it reveals numerous conveyancersin the vicinity. With so much choice what is the best way to find the right property lawyer for me?
The preferential way of finding the right conveyancer is through a personal testimonial, so enquire of friends and family who have bought a property in County Durham or the reputable estate agent or financial adviser. Costs for conveyancing in County Durham differ, so it's a good idea to obtain at least four fee estimates from different companies. Be sure to secure confirmation what costs in the quote includes.