At what point can the exchange of contracts take place for domestic conveyancing in St Luke's and do I need to attend the solicitors office?
If you are in close proximity to our conveyancing solicitors in St Luke's you are invited in to sign documents. However, the lender approved solicitors we work with offer a national conveyancing service and give just as detailed and professional a job for you when dealing with you by post or email. The executing of the property agreement is not the important part. Signing on the dotted line is just a prerequisite for the firm to officially exchange at the suitable time, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in St Luke's)to be in the office at the appropriate time.
We wanted to use a property lawyer in St Luke's for our home move. Our financial adviser informed us that our mortgage lenders Leeds Building Society won't deal with them. Why is this not regarded as unduly restrictive?
Mortgage Companies on the whole restrict either the category or the volume of conveyancing firms on their panel. A common example of such criteria being that a law practice must have two or more partners. As well as restricting the profile of firm, a few lenders have limited the amount of firms they permit to act for them. You should note that Leeds Building Society have no responsibility for the quality of advice provided by any member of Leeds Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels a few years ago even though there remains mixed opinions about the extent of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that plenty of law firms, including some in or near St Luke's only perform very few conveyances per annum.
I have been advised by my lawyer that missing deeds insurance is needed on my purchase. What is the level of cover for St Luke's conveyancing?
The appropriate level of missing deeds indemnity insurance should be dictated by who your lender. It would differ for example between Birmingham Midshires and Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such policies.
When it comes to mortgage companies such as Barclays, do St Luke's conveyancing practitioners incur an annual charge to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
After shopping around on the internet I have found a St Luke's property lawyer having checked that they are on the RBS conveyancing panel. Does my lawyer arrange the survey of the property?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS 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 property lawyer 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 St Luke's postcode. As you are getting a mortgage with RBS, you could contact them to see if they have a list of approved surveyors in St Luke's.
How does conveyancing in St Luke's differ for new build properties?
Most buyers of new build residence in St Luke's come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in St Luke's typically acquire the land, 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 conveyancers 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 St Luke's or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. St Luke's is the location of the property. Is there any advice you can give?
Flying freeholds in St Luke's are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in St Luke's 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 St Luke's may determine 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 residence.