We expect to receive a DIP from Principality this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Principality recommend any West Malling solicitors on the Principality conveyancing panel, or is it better to go independently?
You will need to appoint West Malling solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
I have paid off my mortgage with Nottingham. I assume I don't need a West Malling lawyer on the Nottingham panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
Intending to buy a house in West Malling. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the West Malling solicitor is on the Principality conveyancing panel.
I have been told that property searches are the main cause of hinderance in West Malling conveyancing transactions. 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 amongst the top 10 causes of delays during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in West Malling.
How does conveyancing in West Malling differ for newly converted properties?
Most buyers of new build residence in West Malling contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because developers in West Malling usually buy the real estate, 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 accustomed to new build conveyancing in West Malling or who has acted in the same development.
I have been sourcing a conveyancing lawyer in West Malling for my home move. Is it possible to see a firm’s complaints history with the legal regulator?
One can read published Solicitor Regulator Association (SRA) determinations arising from inquisitions started on or after 1 January 2008. Visit Check a solicitor's record. For details Pre 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The SRA sometimes recorded call for training requirements.
I own a leasehold flat in West Malling. Conveyancing was finished in last year. I have heard that I mustn’t allow the the remaining lease term to get too low. Why is that a problem?
West Malling residential long term leases are for a fixed term - normally just under one hundred years when they are first granted. However a significant appartments in West Malling were built or converted in the 60’s and so these leases now have fewer than eighty years left to run. That may seem like plenty of time but Banks, Building Societies and other mortgage lenders on the whole require leases to have at least 75 years left to adequate security. This means that when you come to sell the property you will need a lease extension if you are nearing 75 years. To increase the saleability of your property you should be considering whether to extend your lease long before you come to sell it. There are also significant benefits to taking action before the lease reaches even eighty years as when the lease falls below eighty years the amount to be paid to extend starts to increase.