My wife and I are looking to buy a home in Essington and are in fact using a Essington conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Lloyds TSB Bank have this evening contacted us to advise us that they have now hit a problem as our Essington lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors 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 lawyers to represent them. 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 Essington lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
As a novice what is the most important piece of guidance you can give me concerning purchase conveyancing in Essington?
You may not hear this from too many lawyers but conveyancing in Essington or throughout England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there is lots of opportunity for confrontation between you and others involved in the house moving process. For instance, the seller, property agent and even potentially your bank. Selecting a lawyer for your conveyancing in Essington is a critical decision as your conveyancer is your adviser, and is the ONLY party in the legal process whose role it is to act in your legal interests and to protect you.
Sometimes a potential adversary may attempt to sway you that it is in your interests to do things their way. For instance, the estate agent may claim to be assisting by claiming that your lawyer is dragging his heels. Or your mortgage broker may tell you to do take action that is contrary to your lawyers guidance. You should always trust your lawyer above all other parties in the conveyancing process.
We are buying a house in Essington. I might seem paranoid but how we can trust a conveyancer? On completion day we will need to put money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Is it the case that all Essington solicitors on the Bank of Ireland conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Bank of Ireland conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some banks do allow licenced conveyancers on their panel in which case such organisation would be governed by the CLC.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Essington bank branch on numerous occasions and was told it does not affect the mortgage offer and they would lend. My Essington conveyancing solicitor - who is on the lender conveyancing panel- called to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the lawyer is on the lender approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Essington differ for newly converted properties?
Most buyers of new build or newly converted property in Essington approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Essington tend to buy the land, 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 used to new build conveyancing in Essington or who has acted in the same development.
How simple is it to use your search facility to locate a conveyancing practitioner in Essington on the approved list for my lender?
First select a lender such as Santander, Coventry Building Society or Barclays Direct then type in your preferred area a common one being Essington. Conveyancing firms in Essington and further afield will then be shown.
I am using a search engine for the phrase on line conveyancing in Essington it brings up numerous solicitorsin the vicinity. With so much choice what is the best way to find the suitable property lawyer for my move?
The preferential method of choosing a suitable conveyancer is through a personal referral, so ask friends and relatives who have bought a property in Essington or the respected estate agent or mortgage broker. Costs for conveyancing in Essington vary, so it's advisable to request a minimum of four fee estimates from different property lawyers. Be sure to seek confirmation what costs in the quote includes.