My partner and I are hoping to acquire a flat in Woolwich and are in fact using a Woolwich conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Nottingham Building Society have this evening contacted us to inform me that there is now an issue as our Woolwich lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is conventional 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 Quality Scheme. Your property lawyer should contact your mortgage company 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 and you may continue to use your own Woolwich solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Finally the sale completed on my house in Woolwich last February yet the purchaser is e-mailing daily to say her conveyancer is waiting to hear from mysolicitor. What are the post completion sale formalities following completion?
Following your sale your lawyer should deliver the transfer documentation and all supplemental paperwork to the purchaser's conveyancer. Where relevant, your lawyer should also evidence that the legal charge in favour of the lender has been redeemed to the buyers conveyancers. There is unlikely to be post completion formalities specific conveyancing in Woolwich.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in Woolwich I like with amenity areas and transport links nearby, however it only has 49 remaining years left on the lease. There is not much else in Woolwich for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan that many years will be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
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At this site get a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that appreciates the nuances of your conveyancing in Woolwich. As opposed to estate agents and brokerage sites we do not charge firms a commission if you choose them for your conveyancing in Woolwich
My father-in-law has urged me to instruct his conveyancing solicitors in Woolwich. Should I use them?
There are no two ways about it it’s preferable to find a conveyancing solicitor is to get guidance from friends or family who have previously instructed the firm you're are thinking of instructing.