I am in a contract race with another prospective purchaser for a property in Faringdon. What can be done to expedite the legal process?
In the event that the seller is applying 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 previoushouses in the same street. You would be best advised to use a Faringdon conveyancing firm. In addition, check that the conveyancing firm is on the member panel. It is said that just under twenty per cent of Faringdon conveyancing transactions are suspended or jeopardised after discovering a purchaser’s solicitor was not on their mortgage lender’s panel. In many cases this discovery resulted in the legal transfer of property being delayed by as much as 21 days. It is believed that this issue impacts approximately one hundred thousand home sales annually. Most Faringdon conveyancing practices can not act for certain mortgage companies so do check at the outset.
I had a mortgage agreed in principle with Lloyds. Faringdon conveyancing practitioners were selected. What is the average time that one could expect to receive a mortgage offer from Lloyds?
There is no definitive answer here. Have Lloyds completed the valuation? Have you informed Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am expecting a OIP from Bank of Ireland this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Bank of Ireland recommend any Faringdon solicitors on the Bank of Ireland conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Faringdon solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
I am due to exchange contracts on my house. I had a double glazing fitted in February 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Nottingham are being difficult. The Faringdon solicitor who is on the Nottingham conveyancing panel is recommending indemnity insurance as a solution but Nottingham are requiring a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
My wife and I are close to exchanging contracts on the sale of our property in Faringdon and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A high street Faringdon lawyer would know that there is no such problem. For the life of me I don't know why the buyers are using a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Faringdon. We have lived in Faringdon for 5 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to seek clarification that there is no issue.
It sounds as though you may have a conveyancing solicitor already. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I opted to have a survey completed on a house in Faringdon before retaining lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies tend not grant a loan on a flying freehold home.
It varies from the lender to lender. Santander has different requirements from Halifax. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Faringdon. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Faringdon to see if the conveyancing will be more expensive.
What can I expect to pay for conveyancing in Faringdon?
The total sum levied for conveyancing in Faringdon are likely to be calculated at:
- a standard fee; or
- on a time spent basis (i.e. the time spent on the particular case).
In practice very few Faringdon conveyancing companies invoice on an hourly basis