My partner and I are looking to buy a flat in Bishop Auckland and have instructed a Bishop Auckland conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this morning contacted us to inform me that they have now hit a problem as our Bishop Auckland solicitor is not on their approved list of lawyers. Please explain?
If you are buying a property needing 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 Quality 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 Bishop Auckland lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My brother and I have just purchased a property in Bishop Auckland. We have since encountered a number of problems with the house which we consider were omitted in the conveyancing searches. What action can we take? What searches should? have been carried out for conveyancing in Bishop Auckland?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in Bishop Auckland. Conveyancing searches and investigations undertaken during the buying process are supposed to help avoid problems. As part of the process, the vendor fills in a questionnaire known as a Seller’s Property Information Form. If the information provided is misleading, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Bishop Auckland.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel solicitor as I would much rather use a Bishop Auckland based conveyancing firm?
You should check but the chances are that appoint one of their panel conveyancers where you accept the "fee-free" deal. Speak to the mortgage company to ask if they make available a cash alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Bishop Auckland.
A colleague suggested that if I am buying in Bishop Auckland I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Bishop Auckland conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Bishop Auckland around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Bishop Auckland Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information concerning Bishop Auckland.
I purchased my flat on 2 November and my personal details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Bishop Auckland advises it would be concluded inside ten days. Are properties in Bishop Auckland particularly slow to register?
There is nothing unique about conveyancing in Bishop Auckland registration formalities. As opposed to being determined by geographic area, timescales can adjust depending on who lodges the application, whether there are errors and whether the Land registry have to notify any third persons or bodies. As of today in the region of 80% of such applications are completed in less than three weeks but some can be subject to longer hold-ups. Historically registration is effected after the new owner is living at the premises so an expedited registration is not always primary concern but where there is a degree of urgency associated with the registration then you or your lawyers could contact the land registry and explain the circumstances.