My partner and I are buying a flat in Durham. My lawyer has never been on on the bank approved list. Is it possible for me to retain my Durham conveyancing solicitor notwithstanding that they are excluded from the bank panel of approved conveyancing solicitors?
You will need to have a lawyer to complete the legal work required if you need a loan to purchase your home. They will conduct all the essential legal checks on the property, make sure that you will be registered as proprietor and ensure that all the required mortgage paperwork is in place. You may select a Durham lawyer of your choosing. Nevertheless, if the conveyancing practitioner appointed is not a member of the bank approved list supplemental charges will arise as separate legal representation will be required by them. Bank panel applications can be submitted, so provided your solicitor has not in the past applied for membership they can do so.
Is it realistic for conveyancing in Durham to be done in under a month?
First, If you are under a tight deadline to sign contracts it is highly recommended that your lawyer is familiar with the area as they will have local connections and knowledge. It is even conceivable that they could have handled otherhomes in the same road. Therefore consider using a Durham conveyancing lawyer. In addition, ensure that the conveyancing firm is on the on the approved list for your mortgage company. It is believed that just under twenty per cent of Durham conveyancing transactions are held up or jeopardised after finding out that a buyer’s lawyer was not on their banks member panel. This can often result in the transaction being delayed by as much as 21 days. It is estimated that this issue affects in the region of 100,000 home sales annually. Almost all Durham conveyancing firms can not act for certain mortgage companies so do check at the outset.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Durham is where the house is located. Is there any advice you can give?
Flying freeholds in Durham are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Durham you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Durham may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I was pointed in your direction by a number of selling agents in Durham to get a quote from a property lawyer using your seach tool. What’s the financial advantage for Estate Agents to offer your lawyers rather than a competitor’s?
We refuse to give any financial incentive for directing people our way. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Partway through the sale of a leasehold flat in Durham. Conveyancing is fine but we are being charged a fortune by the freeholder. So far we have paid £268 for a leasehold management pack and then another £118 for responses to questions supplied by the purchaser's lawyer.
Neither you or your property lawyer will have any say over the level of the fee for this information but the average costs for the information for Durham leasehold premises is £360. For Durham conveyancing deals it is conventional for the owner to pay for these costs. The landlord or their agents are not duty bound to address these questions most will be content to do so - albeit often at high prices where the fees bear little relation to the work involved. Regretfully there is no law that requires fixed fees for administrative tasks. There is no set time limit by which they are duty bound to supply the information.