My fiance and I are planning to purchase a home in Bestwood and are in fact using a Bestwood 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. Godiva Mortgages Ltd have this morning contacted us to inform me that they have now hit a problem as our Bestwood solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors 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 Accreditation Scheme. Your property lawyer should contact your bank 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 bank's conveyancing panel and you may continue to use your own Bestwood solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Is it possible for conveyancing in Bestwood to be concluded inside 28 days?
In a situation where you are under time constraints to sign contracts it is highly recommended that your lawyer is familiar with the area as they will make use of local connections and know-how. It is possible that they would have conducted previoushouses in the same neighbourhood. You would be best advised to use a Bestwood conveyancing solicitor. Second, ensure that the lawyer is on the on the approved list for your mortgage company. It is believed that 18% of Bestwood conveyancing transactions are delayed or jeopardised after finding out that a purchaser’s solicitor was not on their banks member panel. In many cases this discovery resulted in the conveyancing being held up by an average of three weeks. It is said that this issue affects approximately one hundred thousand home moves annually. Many Bestwood conveyancing practices can not act for certain banks so do check as early as possible.
We have a mortgage agreed in principle with Yorkshire BS. Bestwood conveyancing lawyers are selected. How long does it take for Yorkshire BS to send the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Yorkshire BS conducted the valuation? Have you advised Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We were going to get a DIP from Aldermore this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Aldermore recommend any Bestwood solicitors on the Aldermore conveyancing panel, or is it better to go independently?
You will need to appoint Bestwood solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
I was told four weeks ago that my mortgage has been agreed to by Co-operative. Is it usual for Co-operative to only issue the offer once my solicitor in Bestwood is approved on their conveyancing panel? Co-operative have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have been on the look out for a ground for flat up to £245,000 and found one close by in Bestwood I like with a park and transport links nearby, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Bestwood in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the shortness of the lease will likely be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
My father has encouraged me to use his conveyancers in Bestwood. Should I choose my own conveyancer?
Much as we are happy to recommend a Bestwood conveyancing lawyer the best way to choose a conveyancing solicitor is to get recommendations from friends or relatives who have used the firm you're are thinking of instructing.
My step-son is about to join the property ladder, the home loan was agreed last week in principle. After the offer was accepted on apartment we called the mortgage company to issue the formal offer. We were disappointed to learn that mortgage lenders do not accept all conveyancer, they have to be on a list, is this legal?
Lenders normally restrict either the type or the number of conveyancing solicitors on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Bestwood conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.