My fiance and I are looking to acquire a house in Bampton and have appointed a Bampton conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Aldermore have this afternoon contacted us to advise us that there is now an issue as our Bampton solicitor is not on their conveyancing panel. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is standard 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 Quality 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Bampton lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am getting closer to an exchange on a house in Bampton and my mum and dad have sent the exchange deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
Your property lawyer is obliged to check with the bank to ensure that they understand 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.
How can we know in advance if a Bampton conveyancing solicitor on the Nottingham panel is any good?
When it comes to conveyancing in Bampton obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer conducting your conveyancing.
My husband and I are spending time looking at flats in Bampton and I am about to put in an offer. Is it advisable to have a solicitor on ‘stand by’? I am planning to take a home loan with Skipton.
It would be prudent to commence 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 pass their contact information on to the EA. Given that you are taking out a mortgage with Skipton, ask your prospective lawyers if they are on the Skipton conveyancing panel otherwise they can't do the mortgage legal work.
Yorkshire BS have agreed my mortgage in principle, my offer on a property in Bampton has been agreed to, what are the next steps?
The property agent will want to be advised as to your solicitor's details (make sure the conveyancers are on the bank’s approved list). Call up Yorkshire BS or the broker and complete any appropriate documentation. Yorkshire BS will sellect a valuer who will get in contact with the selling agent or seller to arrange an appointment. Once carried out (assuming no problems) it takes about a fortnight to get a mortgage offer. Yorkshire BS will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Bampton.
I have been told that property searches are a common reason for hinderance in Bampton house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any delay in conveyancing in Bampton.
Should I be concerned about 3rd parties that I am dealing with are suggesting an online conveyancing firm rather than a High Street Bampton conveyancing company?
As is the case with many professional services, often suggestions from family and friends can be extremely useful or valuable. Nevertheless there are lots of people with a keen interest in a conveyancing matter; estate agents, financial adviser and mortgage companies may put forward solicitors to use. Sometimes the solicitors might be known to one of the organisations as experts in their field, but occasionally there exists a commercial relationship behind the recommendation. You have the right to appoint your own conveyancer. You need to be aware that the majority of banks have an approved list of solicitors you are obliged to use for the mortgage aspect of your transaction.
For various reasons I cannot travel my Bampton conveyancing practitioners office to sign documents for conveyancing in Bampton – will this be an issue?
Not a problem. Bampton conveyancing lawyers can undertake conveyancing transactions for clients nationwide. You are unlikely to be required to meet your lawyer in the flesh at a Bampton conveyancers office. Almost all conveyancer can handle everything via phone, post and email - whatever works for you.