I am nearing exchange of contracts for my home in Newquay and the estate agent has just called to advise that the buyers are appointing a new property lawyer. I am told that this is due to the fact that the bank will only deal with solicitors on their approved list. Why would a major mortgage company only work with certain law firms rather the firm that they want to select for their conveyancing in Newquay ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks attribute this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
I am buying a new build flat in Newquay. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Newquay you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Newquay.
This question may be naive but I am wet behind the ears as FTB of a two bedroom flat in Newquay. Do I receive the keys to the premises on the completion date from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Newquay?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the vendor’s lawyers, and shortly after the monies have arrived, you will be invited to receive the keys from the selling Agents and move into your new home. Usually this occurs between 1 and 3pm.
I have instructed a Newquay property lawyer having checked that they are on the Co-operative conveyancing panel. Does my lawyer arrange the survey of the property?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Newquay postcode. As you are getting a mortgage with Co-operative, you could contact them to see if they have a list of approved surveyors in Newquay.
At last I have had an offer on a flat in Newquay agreed to, the vendors do however have a connected purchase. The owners have offered on a flat, however it’s not yet agreed to, and have viewings of other flats in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Newquay. What do I do now? When should I get the mortgage application with Coventry BS started?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then valuation, Newquay conveyancing search charges, etc). The first thing to do is check that your conveyancer is on the Coventry BS approved list. Concerning the next phase this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. During a hot market some home buyers would apply for a home loan with Coventry BS and pay for the valuation and only if it comes back ok would they ask their property lawyer to press on with searches.
three months have elapsed since my purchase conveyancing in Newquay concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the encouragement of my in-laws I had a survey completed on a house in Newquay prior to appointing solicitors. I have been told that there is a flying freehold aspect to the house. Our surveyor has said that some banks will not issue a loan on this type of home.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. Should you wish to call 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 Newquay. Conveyancing will be smoother if you use a solicitor in Newquay especially if they are acquainted with such properties in Newquay.