My wife and I are planning to buy a property in Turnpike Lane and have instructed a Turnpike Lane conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Nottingham Building Society have this morning contacted us to inform me that there is now an issue as our Turnpike Lane solicitor is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is usual 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 Quality Scheme. Your property lawyer 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Turnpike Lane solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
As someone not used to conveyancing in Turnpike Lane what’s your top tip you can give me for the home moving process in Turnpike Lane
You may not hear this from too many lawyers but conveyancing in Turnpike Lane or throughout England and Wales is often a confrontational process. In other words, when it comes to conveyancing there exists plenty of room for confrontation between you and other parties involved in the ownership transfer. E.g., the vendor, estate agent and sometimes the bank. Selecting a solicitor for your conveyancing in Turnpike Lane should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the legal process whose interest is to look after your best interests and to keep you safe.
Every so often a third party with a vested interest may try and sway you that you should follow their advice. For instance, the property agent may claim to be helping by suggesting your conveyancer is slow. Or your mortgage broker may try to convince you to do take action that is against your lawyers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
It has been 4 months since my purchase conveyancing in Turnpike Lane took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Turnpike Lane differ for new build properties?
Most buyers of new build property in Turnpike Lane contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Turnpike Lane usually acquire the site, 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 Turnpike Lane or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and identified one close by in Turnpike Lane I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Turnpike Lane in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.