My wife and I are planning to acquire a property in Edmonton and are in fact using a Edmonton conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. HSBC Bank have this afternoon contacted us to inform me that they have now hit a problem as our Edmonton lawyer is not on their conveyancing panel. Please explain?
Where 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 lender 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 bank's conveyancing panel as you are at liberty to use your preferred Edmonton lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Can conveyancing in Edmonton to be finalised in under 10 days?
In the event that you are under a tight deadline to exchange it is highly recommended that your conveyancer is familiar with the area as they will have local relationships and know-how. It is even conceivable that they may have transacted previoushouses in the same street. Therefore consider using a Edmonton conveyancing firm. Second, be sure that the conveyancing firm is on the member panel. It is said that 18% of Edmonton conveyancing transactions are held up or jeopardised after discovering a buyer’s lawyer was not on their banks list of approved solicitors. In many cases this discovery resulted in the home move being delayed by almost three weeks. It is understood that this issue affects approximately 100,000 home moves every year. Almost all Edmonton conveyancing firms can not represent certain lenders so do check at the outset.
Can you help - my lawyer says that chancel insurance is necessary on my purchase. What is the level of cover for Edmonton conveyancing?
The right level of chancel indemnity insurance depends on your lender. It would differ for example between Barclays and The Mortgage Works. Conveyancing solicitors as opposed to members of the public take out such policies.
I am expecting a AIP from TSB this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do TSB recommend any Edmonton solicitors on the TSB conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Edmonton solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
Principality have agreed my mortgage in principle, my bid on a house in Edmonton has been agreed to, what happens next?
The estate agent will wish to know who your solicitors are (make sure the conveyancers are on the lender’s panel). Call up Principality or your financial adviser and finalise any outstanding documentation. Principality will sellect a valuer who will get in contact with the estate agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes about ten days to get a mortgage offer. Principality will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Edmonton.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Edmonton is the location of the property. Is there any advice you can impart?
Flying freeholds in Edmonton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Edmonton you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Edmonton may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am downsizing from my home. My previous lawyers has retired. I am in need of a recommendation of a conveyancing firm. I happen to live in Edmonton if that makes things easier.
Please use our search tool to help you choose a solicitor for your conveyancing in Edmonton. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs smoothly.