My fiance and I are planning to purchase a property in Waterbeach and have instructed a Waterbeach conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Nationwide Building Society have this evening contacted us to advise us that there is now an issue as our Waterbeach lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal 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 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Waterbeach lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
The Waterbeach conveyancing firm handling our Waterbeach conveyancing has spotted a difference when comparing the assumptions in the valuation survey and what is revealed within the title deeds. My solicitor informs me that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach right?
Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Should conveyancers request an advanced payment for my conveyancing in Waterbeach?
If you are buying a property in Waterbeach your lawyer will ask you put them with monies to cover the search fees. Normally this is requested to cover the fees of the Local Authority Search. When the deposit is payable against the total price then this will be asked for immediately in advance of exchange of contracts. The closing balance that is due will be payable shortly before completion.
Hoping to buy a property located in Waterbeach and I am already nervous. I couldn't find anything specific about Waterbeach. Conveyancing will be needed in due course but do you know about the Waterbeach area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Waterbeach. In the meantime here are some basic statistics that we found
In sourcing the world wide web for the words cheap conveyancing in Waterbeach it brings up numerous property lawyersin the vicinity. How do I determine which is the suitable solicitor for my move?
The ideal method of seeking the right conveyancer is via trusted testimonial, so seek the guidance of friends and family who have purchased a property in Waterbeach or a reputable estate agent or financial adviser. Fees for conveyancing in Waterbeach differ, so it's sensible to secure at least four fee calculations from varying types of conveyancers. Dont forget to clarify that the fees are fixed.