My fiance and I are looking to acquire a house in Duffield and are in fact using a Duffield conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Coventry Building Society have this morning contacted us to inform me that they have now hit a problem as our Duffield solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage 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 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 bank's conveyancing panel and you may continue to use your own Duffield solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
How up to date is your database of Duffield solicitors on the TSB conveyancing panel? Do TSB send you an updated list?
Duffield conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
My bid for a property was accepted at auction in Duffield. Conveyancing is necessary. What are my next steps?
Given that you are now exchanged you should choose a conveyancing lawyer soon as you are facing a pending deadline in which to complete the transaction. All auction property will have an associated legal pack. This should include evidence of title and search results. In the case of leasehold property the conveyancing papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You should hand this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.
Last month we had a mortgage agreed in principle with HSBC. Duffield conveyancing solicitors are instructed. How long does it take for HSBC to forward the offer to the property lawyer?
There is no definitive answer here. Have HSBC conducted the survey? Have you informed HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
After what feels like an age I have had an offer on a flat in Duffield agreed to, the sellers do nevertheless have a dependent purchase. The owners have offered on a property, however it’s not yet tied up, and have viewings of other flats booked. I have selected a nearby conveyancing solicitor in Duffield. What should be my next step? When do I get the mortgage application with Leeds Building Society going?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of £1k, then survey, Duffield conveyancing search fees, etc). The first course of action is to check that your lawyer is on the Leeds Building Society approved list. Regarding the next phase this very much dictated by the specifics of your case, attraction to the property and on the state of the market. During a rising market the majority of buyers would apply for a home loan with Leeds Building Society and pay for the valuation and only if it was satisfactory would they pay their conveyancer to move forward with searches.
How does conveyancing in Duffield differ for newly converted properties?
Most buyers of new build property in Duffield approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Duffield typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Duffield or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £195,000 and found one close by in Duffield I like with a park and railway links nearby, however it only has 61 years on the lease. I can't really find anything else in Duffield suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the remaining unexpired lease term may be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.