My wife and I are planning to purchase a property in Bamber Bridge and are in fact using a Bamber Bridge conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Accord Mortgages Ltd have this evening contacted us to inform me that there is now an issue as our Bamber Bridge solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage 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 property lawyer 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 lender’s conveyancing panel and you may continue to use your own Bamber Bridge solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My partner and I are getting closer to an exchange on a house in Bamber Bridge and my mum and dad have sent the 10% deposit to my conveyancer. I am now told that as the deposit has not arrived from me my conveyancer needs to make a notification to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your property lawyer is obliged to clarify with lender to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
When does exchange of contracts happen for domestic conveyancing in Bamber Bridge and do I need to be at the lawyers branch?
Where you are round the corner to our conveyancing solicitors in Bamber Bridge you are welcome to come in to sign the paperwork. However, the law practices we work with supply countrywide coverage for conveyancing and provide as equally diligent and professional a job for you when communicating with you digitally. The signing of the contract is not the critical part. Signing on the dotted line simply enables the solicitor to officially exchange at the appropriate time, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Bamber Bridge)to be in the office available at the end of the phone to exchange contracts.
Should our solicitor be asking questions about flooding during the conveyancing in Bamber Bridge.
Flooding is a growing risk for lawyers specialising in conveyancing in Bamber Bridge. There are those who purchase a property in Bamber Bridge, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, however there are a numerous checks that can be carried out by the purchaser or on a buyer’s behalf which can figure out the risks in Bamber Bridge. The conventional set of completed inquiry forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual question of the vendor to discover if the premises has suffered from flooding. If flooding has previously occurred and is not revealed by the seller, then a purchaser may commence a claim for damages resulting from an inaccurate answer. A purchaser’s solicitors should also commission an enviro report. This should higlight if there is a recorded flood risk. If so, more detailed inquiries should be made.
Despite weeks of looking the Title Certificate and documents to our property are lost. The lawyers who dealt with the conveyancing in Bamber Bridge 5 years ago are no longer around. What are my next steps?
Gone are the days when you need to hold title official documentation to prove you are the registered proprietor of land or property, given that the Land Registry have everything they need in a digital format.
I'm converting the mortgage on my existing property to a BTL mortgage with National Westminster Bank and intend to use the remaining equity as a down payment on another property. The area we are talking about is Bamber Bridge. Will your solicitors be able to act for both sets of lenders and link together the two deals?
Do use our comparison tool on this page to be sure that the lawyers are on the relevant lender panels. Having checked that they are your conveyancer will be able to simultaneously deal with the two conveyancing matters but you should have a chat with you solicitor and communicate your desired outcome and requirements.