My wife and I are looking to buy a property in North Ferriby and are in fact using a North Ferriby conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Nottingham Building Society have this afternoon contacted us to advise us that they have now hit a problem as our North Ferriby lawyer is not on their conveyancing panel. 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 lender 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 lender’s conveyancing panel as you are at liberty to use your preferred North Ferriby lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am buying a terraced house in North Ferriby. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in North Ferriby you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in North Ferriby.
Just acquired a terraced house in North Ferriby , how long will it take for the Land Registry to record the transfer to my name? My North Ferriby conveyancing solicitor works at snail pace, so I want to be certain that my purchase is recorded.
As far as conveyancing in North Ferriby registration is no quicker or slower than the rest of the country. Rather than based on location, timeframes can vary depending on who lodges the application, whether there are errors and whether the Land registry have to notify any third persons or bodies. Currently roughly 80% of such applications are fully dealt with within 12 days but some can be subject to extensive hold-ups. Historically registration occurs once the purchaser has moved in to the property so registration formalities is not typically top priority but if there is a degree of urgency associated with the registration then you or your conveyancer should speak with the land registry and explain the circumstances.
How does conveyancing in North Ferriby differ for newly converted properties?
Most buyers of new build residence in North Ferriby contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because developers in North Ferriby usually buy the land, 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 used to new build conveyancing in North Ferriby or who has acted in the same development.
I opted to have a survey completed on a property in North Ferriby ahead of appointing lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some banks may refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. Should you wish to call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in North Ferriby. Conveyancing may be slightly more expensive based on your lender's requirements.