My wife and I are planning to acquire a flat in Newton Aycliffe and are in fact using a Newton Aycliffe conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Platform Home Loans Ltd have this evening contacted us to inform me that there is now an issue as our Newton Aycliffe solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the mortgage company. 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 Accreditation Scheme. Your property lawyer should contact your bank 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 lender’s conveyancing panel as you are at liberty to use your preferred Newton Aycliffe lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am considering remortgaging my property in Newton Aycliffe, does my lawyer have to be on the Bank of Ireland Solicitor panel?
In theory, you could use a solicitor that is not on the Bank of Ireland conveyancing panel, but Bank of Ireland would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
If you had a top tip for choosing a conveyancing solicitor in Newton Aycliffe what would it be?
It would be unwise to be swayed by the lowest Newton Aycliffe conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
A relative informed me that in purchasing a property in Newton Aycliffe there could be a number of restrictions affecting the ability to carry out external changes to the property. Is this right?
We are aware of a number of properties in Newton Aycliffe which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Newton Aycliffe should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the sole beneficiary of my late mum's will with all property in now in my sole name, including the my former home in Newton Aycliffe. The Newton Aycliffe property was put into my name in May. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship could be treated the same way as if I'd bought the house in May. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How sensible a view banks take of it, depend on the bank as this obligation is chiefly there to pick up on subsales or the flipping of properties.
I have recentlydiscovered that Stirling Law have been shut down. They carried out my conveyancing in Newton Aycliffe for a purchase of a leasehold flat 10 months ago. How can I be sure that my home is registered correctly in the name of the previous owner?
The easiest way to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Newton Aycliffe conveyancing specialists.
To what extent are Newton Aycliffe conveyancing solicitors duty bound by the Law Society to issue transparent conveyancing costs?
Inbuilt into the Solicitors Code of Conduct are specific rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be regarded as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, constitute the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Newton Aycliffe or across England and Wales.