I am not in a position to travel far from Cherry Burton. I would like to know the reason why all Cherry Burton conveyancing practitioners aren't included on all mortgage company panels?
Pre- 2008 most banks demonstrated an approach to risk which is different than today. The FSA in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the lawyers on your panel. As a result, banks have since looked to extract more data from law firms regarding their processes and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have found themselves removed from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum amount of transactions the mortgage companies insisted on.
We're in Cherry Burton, First timers buying with a mortgage (lender is Nationwide , and our lawyer is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Cherry Burton differ for new build properties?
Most buyers of new build property in Cherry Burton come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Cherry Burton 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 property lawyers 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 Cherry Burton or who has acted in the same development.
Should I instruct a Cherry Burton conveyancing practitioner based in the area that I am purchasing? We have a good friend who can deal with the conveyancing however his firm is located 400miles drive away.
The benefit of a local Cherry Burton conveyancing firm is that you can attend the office to sign paperwork, present your ID and pester them if necessary. They will also have local intelligence which is a bonus. However it's more important to get someone that will do a good and efficient job. If other friends have used your friend and the majority were happy that must outweigh using an unfamiliar Cherry Burton conveyancing solicitor just because they are local.
I have just started marketing my 2 bed flat in Cherry Burton.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you discharge the service charge as you normally would as all ground rent and service charges should be allottedon completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially