My husband and I are hoping to purchase a house in Fradley and are in fact using a Fradley conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Chelsea Building Society have this evening contacted us to advise us that they have now hit a problem as our Fradley solicitor is not on their approved list of lawyers. Is this a problem?
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 property lawyer should contact your mortgage company 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 as you are at liberty to use your preferred Fradley lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Various web forums that I have visited warn that are the main cause of hinderance in Fradley conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the common causes of delays during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Fradley.
Just bought a terraced house in Fradley , how long will it take for the Land Registry to deal with the formalities evidencing my title? My Fradley conveyancing solicitor works at snail pace, so I want to check the post completion formalities are addressed.
As far as conveyancing in Fradley is concerned, registration is no quicker or slower than the rest of the country. Rather than based on location, timeframes can adjust according to who lodges the application, whether it is in order and whether the Land registry must send notices to any third parties. At present roughly 80% of submission are fully addressed in less than three weeks but some can be subject to extensive hold-ups. Historically registration is effected after the buyer has moved in to the property thus an expedited registration is not typically an essential issue but where it is urgent that the the registration takes place urgently then you or your solicitor can communicate with the Registry to express the reasoning for an expedited registration.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a simple, chain free conveyancing. Fradley is the location of the property. Can you shed any light on this issue?
Flying freeholds in Fradley are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Fradley you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fradley may ascertain 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 residence.
I'm remortgaging my current home to a BTL mortgage with The Royal Bank of Scotland and I will use the ballance of the raised equity as a deposit on further house. The neighborhood we are interested in is Fradley. Will your lawyers be able to act for the two mortgage companies and link together the two deals?
Do use our comparison tool on this page to be sure that the lawyers are approved by both mortgage companies. On the basis that they are the conveyancer should be able to simultaneously deal with the two transactions but you should have a chat with you conveyancer and make apparent your expectations and needs.