My husband and I are planning to acquire a home in Saxmundham and are in fact using a Saxmundham conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barnsley Building Society have this evening contacted us to inform me that there is now an issue as our Saxmundham solicitor is not on their approved list of lawyers. Please explain?
Where you are buying a property needing a mortgage 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 Saxmundham lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
At what point will exchange of contracts take place for residential conveyancing in Saxmundham and am I required to be at the solicitors branch?
If you are round the corner to our conveyancing solicitors in Saxmundham you are invited in to sign the paperwork. However, the law practices we recommend offer a nationwide conveyancing service and give just as detailed and professional a job for you when dealing with you digitally. The signing of the purchase agreement is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the solicitor to exchange contracts at the appropriate time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Saxmundham)to be in the office available at the end of the phone to exchange contracts.
Various online forums that I have frequented warn that are the number one reason for delay in Saxmundham house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Saxmundham.
Are there restrictive covenants that are commonly identified as part of conveyancing in Saxmundham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Saxmundham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the encouragement of my in-laws I had a survey completed on a house in Saxmundham in advance of instructing lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some banks will refuse to grant a loan on a flying freehold home.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. Should you wish to call us we can look into this further 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 Saxmundham. Conveyancing will be smoother if you use a solicitor in Saxmundham especially if they are familiar with such properties in Saxmundham.