Please help. My Ladywell lawyer is assuring me that he has toconduct Ladywell conveyancing searches asthe firm are on the Virgin Moneyapproved lawyer panel. These Ladywell searches cost a lot of money can this be avoided?
You have limited options available to you. As you are taking a mortgage with a lender your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Ladywell conveyancing searches.
Will conveyancers ask for money up-front when it comes to conveyancing in Ladywell?
Where you are retaining lawyers for conveyancing in Ladywell your lawyer will request that you place them with funds to cover the the cost of the conveyancing searches. Normally this is requested to cover the fees of the conveyancing searches. When the down payment is payable against the total price then this should be asked for shortly in advance of contracts are exchanged. The closing balance that is needed should be sent to your lawyer a few days prior to the completion date.
Do I need to have a meeting at the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Ladywell so that I can attend their offices if required.
Whereas this was necessary ten years ago, almost all mortgage companies no longer require their conveyancing panel solicitor to witness the mortgagors signature. It will still be necessary for you to provide identification documents and there are still manifest benefits to instructing a local practitioner, in your situation a conveyancing solicitor in Ladywell.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Ladywell is the location of the property. Can you shed any light on this issue?
Flying freeholds in Ladywell are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ladywell you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ladywell 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 residence.
Why is it not possible to complete my conveyancing in Ladywell on Easter Monday?
This is due to the fact that on completion the money needs to be transferred electronically between the banks of the buyer and seller's property lawyer and at present this can only happen on a working day. So you can't complete on a saturday or sunday either.