My husband and I are planning to acquire a house in Bagshot and have appointed a Bagshot conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Halifax have this afternoon contacted us to advise us that there is now an issue as our Bagshot lawyer is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage it is conventional 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Bagshot solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Is it the case that all Bagshot solicitors on the Aldermore conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Aldermore conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do allow licenced conveyancers on their panel in which case such firms would be governed by the CLC.
I am purchasing a property in Bagshot. A rare aspect is that the roof has a solar panel. Aldermore have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Aldermore your lawyer must comply with the formal instructions set out in Section two of UK Finance Lenders’ Handbook for Aldermore. The Council of Mortgage Lenders’ Handbook contains minimum conditions for solar panel roof-space leases, and lawyers are required to report to Aldermore where a lease fails to satisfy these conditions. The requirements relate to the installation of panels on properties nationwide and is not isolated to Bagshot.
I'm in the throws of looking at apartments in Bagshot and I am about to put in an offer. Is it advisable to have a conveyancer on ‘stand by’? I will be getting a mortgage with UBS.
It would be wise to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. Given that you are seeking a mortgage with UBS, ask your prospective lawyers if they are on the UBS conveyancing panel otherwise they can't do the mortgage legal work.
How does conveyancing in Bagshot differ for new build properties?
Most buyers of new build property in Bagshot contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Bagshot usually purchase the real estate, 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 Bagshot or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a straight forward, no chain conveyancing. Bagshot is where the house is located. Is there any advice you can impart?
Flying freeholds in Bagshot are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bagshot you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bagshot may ascertain 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 need to retain a conveyancing solicitor for leasehold conveyancing in Bagshot. I happened to stumble across a web site which looks to be the perfect offering If it is possible to get all formalities completed via web that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Am in the process of buying my 1st house in Bagshot. Conveyancing lawyer already chosen. The mortgage adviser advised that a survey is not needed as the house was only built in 1997.
The bare minimum you need a Home Buyer's Report. As the property was constructed more than a decade ago the property will not benefit from a warranty, so you don't want to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may suffice. The report should highlight any apparent issues and recommend further investigation where relevant. If there are any indications of material issues obtain a comprehensive Building Survey from the beginning.