I am buying residence in Dorchester. My property lawyer is not on the bank approved list. Can I still use my Dorchester conveyancing solicitor notwithstanding that they are excluded from the mortgage company list of approved lawyers?
You will need to instruct a solicitor to deal with the legal work required when you take out a loan to buy your home. The conveyancing practitioner will carry out all the essential legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. You could appoint a Dorchester conveyancing practitioner of your choice. However, where the property lawyer appointed is not on the lender conveyancing panel further charges will be levied as separate legal representation will be need by the lender. Conveyancing panel applications can be submitted, so provided your conveyancer has not previously sought membership they can do so.
We note that you have a post code search directory listing firms on the Coventry BS conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Dorchester?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Dorchester.
The Dorchester conveyancing lawyers that I recently instructed on my purchase in Dorchester have without warning closed. They were on acting for me because I had to have a lawyer on the Lloyds conveyancing panel and my preferred Dorchester lawyer was not. I paid them 275 plus VAT on account. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Lloyds conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
When it comes to lenders such as HSBC, do Dorchester property lawyers incur an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I am expecting a OIP from Coventry BS 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 Coventry BS recommend any Dorchester solicitors on the Coventry BS conveyancing panel, or is it better to go independently?
You will need to appoint Dorchester solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
The mortgage over my property is with Principality for my property in Dorchester. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
You must advise Principality in advance of renting your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel solicitor.
How does conveyancing in Dorchester differ for new build properties?
Most buyers of new build residence in Dorchester come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Dorchester typically buy the site, 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 conveyancing solicitors 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 Dorchester or who has acted in the same development.
Why am I unable to complete my conveyancing in Dorchester on a bank holiday?
This is due to the fact that on completion the funds will be transferred electronically between the banks of the buyer and owner’s lawyer and at present this can only happen on a business day. So you can't complete on a saturday or sunday either.