My wife and I are looking to purchase a home in Exton and are in fact using a Exton conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Leeds Building Society have this evening contacted us to advise us that they have now hit a problem as our Exton lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is conventional 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 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Exton lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
In what way does my ID and proof of funds have anything to do with my conveyancing in Exton? What am I being asked for?
To satisfy the Money Laundering Regulations any Exton conveyancing firm will require proof of identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility bill showing where you live.
Under Money Laundering Regulations, conveyancers are duty bound to check not simply the ID of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this may result in your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
A colleague advised me that in buying a property in Exton there could be a number of restrictions prohibiting external changes to the property. Is this right?
There are anumerous of properties in Exton which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Exton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
is it true that all Exton solicitor firms on the Skipton conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Skipton approved list of solicitors they would need to be regulated by the SRA. Many mortgage companies do allow licenced conveyancers on their panel in which case such practice would be governed by the CLC.
I am expecting a OIP from Barclays this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Barclays recommend any Exton solicitors on the Barclays conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Exton solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
How does conveyancing in Exton differ for new build properties?
Most buyers of new build property in Exton contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Exton typically 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 Exton or who has acted in the same development.
I'm converting the mortgage on my current house to a BTL mortgage with The Mortgage Works and I will use the rest of the raised equity as a down payment on further property. The neighborhood we are interested in is Exton. Will your solicitors be able to act for both sets of mortgage companies and tie in the two deals?
Make use of our search tool on this page to be sure that the lawyers are approved by both lenders. Having checked that they are your solicitor will be able to connect the two conveyancing matters but you should talk with you solicitor and specify your expectations and requirements.
Developers have put forward a property lawyer and I've received an estimate from them. It's nearly £300 cheaper than my own Exton conveyancer. Should I use them?
Developers often have panels of lawyers who are quick and who know the seller’s contract and property lawyer. As many developers offer an incentive to select a preferred lawyer for this reason, any increased fees can be avoided and a builder will not put forward a conveyancing factory and run the risk of having the conveyancing stall when they need an exchange in 28 days. A counter-argument for not agreeing to use the recommended conveyancing practitioner is that they may be hesitant to fight for your interests at the risk of alienating the sellers. Where you have concerns that this may be the case you should remain with your local Exton conveyancer.