My husband and I are looking to acquire a house in Flitwick and have appointed a Flitwick conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Birmingham Midshires have this evening contacted us to inform me that they have now hit a problem as our Flitwick solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also represent 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 Accreditation Scheme. Your solicitor should contact your mortgage company 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Flitwick solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Why is leasehold purchase conveyancing in Flitwick is more expensive?
In summary, leasehold conveyancing in Flitwick and elsewhere usually necessitates additional hours of investigation compared to freehold transactions. This includes reviewing the lease, corresponding with the landlord concerning the service of appropriate notices, procuring up-to-date service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
I have justdiscovered that Action Conveyancing have been shut down. They carried out my conveyancing in Flitwick for a purchase of a leasehold apartment 10 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The quickest way to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Flitwick conveyancing specialists.
Should I be concerned about brokers that I am dealing with are encouraging me to use a factory type conveyancing firm rather than a High Street Flitwick conveyancing firm?
As with lots of professional services, often suggestions from relatives can be very helpful. Yet there are numerous parties with a vested interest in a conveyancing transaction; estate agents, financial adviser and mortgage companies may suggest conveyancers to use. On occasion the conveyancers might be known to one of the organisations as experts in their field, but sometimes there exists a financial incentive behind the recommendation. You are free to appoint your own conveyancer. You need to be aware that the majority of mortgage providers have an approved list of law firms you must use for the lender related work in your home move.
When it comes to my conveyancing in Flitwick should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Flitwick conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.