My partner and I are planning to buy a flat in Fairford and have appointed a Fairford conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Accord Mortgages Ltd have this afternoon contacted us to advise us that they have now hit a problem as our Fairford lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Fairford solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am in a contract race with another buyer for a property in Fairford. What can I do to expedite the legal process?
In a situation where the seller is applying a tight deadline for your conveyancing it is advisable to make sure that your solicitor is familiar with the area as they will benefit local contacts and know-how. It is possible that they could have transacted otherhouses in the same road. Therefore consider using a Fairford conveyancing solicitor. Second, be sure that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that nearly one in five of Fairford conveyancing transactions are held up or derailed after discovering a buyer’s conveyancer was not on their mortgage lender’s panel. This can often result in the transaction being frustrated by an average of 21 days. It is claimed that this issue affects in the region of 100,000 home moves annually. Many Fairford conveyancing firms can not act for certain lenders so do check as early as possible.
We are purchasing a flat and require a conveyancing solicitor in Fairford who is on the Clydesdale conveyancing panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Clydesdale . We don't recommend any particular firms conducting conveyancing in Fairford.
I am considering applying for a Co-operative mortgage for purchase of a new build (under development) in Fairford with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Co-operative ?
There is nothing to stop you using your solicitor, but Co-operative will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Various internet forums that I have frequented warn that are the primary cause of stalling in Fairford conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Fairford.
I decided to have a survey done on a house in Fairford in advance of appointing lawyers. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies will refuse to give a loan on a flying freehold house.
It varies from the lender to lender. HSBC has different instructions from Nationwide. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Fairford. Conveyancing will be smoother if you use a solicitor in Fairford especially if they regularly deal with such properties in Fairford.