My fiance and I are hoping to purchase a home in Thetford and are in fact using a Thetford conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Virgin Money have this morning contacted us to advise us that there is now an issue as our Thetford lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also act for the purchaser's lender. 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 bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Thetford lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Will conveyancers request an advanced payment for conveyancing in Thetford?
If you are buying a property in Thetford your solicitor will request that you put them with funds to cover the search fees. Normally this is requested to cover the fees of the conveyancing searches. When the deposit is payable against the purchase price then this will be asked for immediately before contracts are exchanged. Any further balance that is due should be transferred shortly before completion.
I got the keys to my flat on 9 October and the transaction details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Thetford expressed confidence that it would be formalised in a couple of weeks. Are titles in Thetford particularly slow to register?
As far as conveyancing in Thetford registration is no faster or slower than anywhere else in the country. Rather than based on location, timeframes can vary depending on who lodges the application, whether it is in order and if the Land registry communicate with any third persons or bodies. At present approximately three quarters of submission are fully dealt with in less than three weeks but occasionally there can be longer hold-ups. Historically registration takes place after the buyer has moved in to the property so an expedited registration is not typically primary concern yet if there is a degree of urgency associated with the registration then you or your solicitor could communicate with the Registry to express the reasoning for the application to be prioritised.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one near me in Thetford I like with amenity areas and railway links nearby, however it only has 49 years on the lease. I can't really find anything else in Thetford in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage that many years may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
As co-executor for the will of my grandfather I am disposing of a house in Swansea but I am based in Thetford. My solicitor (approximately 200 kilometers awayhas requested that I execute a statutory declaration before the transaction finalising. Can you recommend a conveyancing lawyer in Thetford who can attest and place their company stamp on the document?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are Thetford based