We're in Hemsworth, First time buyers purchasing with a mortgage (lender is Principality , and our lawyer is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Hemsworth differ for new build properties?
Most buyers of new build residence in Hemsworth contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Hemsworth usually buy the real estate, 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 property lawyers 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 Hemsworth or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Hemsworth is the location of the property. What do you suggest?
Flying freeholds in Hemsworth are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hemsworth you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hemsworth may decide 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 premises.
My husband and I are novice buyers - had an offer accepted, but the selling agent advised that the owners will only issue a contract if we use their preferred lawyers as they need a ‘quick sale’. Our preferred option is to instruct a local conveyancer accustomed to conveyancing in Hemsworth
We suspect that the seller is unaware of this demand. If they desire ‘a quick sale', turning down a motivated purchaser is not the way to achieve this. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you are chain free (d) you intend to proceed fast (e)however you intend to instruct your preferred Hemsworth conveyancing solicitors - rather thanthose that will earn their negotiator at the agency a introducer fee or hit his conveyancing targets pre-set by corporate headquarters.
Our solicitor in Hemsworth has informed me that he requires ID documents saying that this forms part of his retainer as a solicitor on the bank Conveyancing panel. This is news to me - can I refuse?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the lender. This is not unique to conveyancing in Hemsworth