My partner and I are planning to buy a home in Parkstone and have instructed a Parkstone conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Accord Mortgages Ltd have this afternoon contacted us to advise us that they have now hit a problem as our Parkstone lawyer is not on their approved list of lawyers. Please explain?
If you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also represent 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 solicitor should contact your lender 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Parkstone solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Should conveyancers request money on account when it comes to conveyancing in Parkstone?
Where you are retaining lawyers for conveyancing in Parkstone your lawyer will ask you to provide them with funds to cover the the cost of the conveyancing searches. Normally this is asked for to cover the fees of the Local Authority Search. When the down payment is payable against the total price then this will be needed shortly prior to contracts are exchanged. Any further balance that is due should be sent to your lawyer shortly before completion.
three months have elapsed following my purchase conveyancing in Parkstone completed. I have checked the Land Registry website which shows that I paid £175,000 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 residence 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 property in Parkstone prior to appointing lawyers. I have been told that there is a flying freehold element to the property. The surveyor advised that some mortgage companies tend not grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. If you contact us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Parkstone. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to retain a conveyancing solicitor for purchase conveyancing in Parkstone. I've stumble across a web site which looks to be the perfect answer If it is possible to get all the legals done via phone that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?