My partner and I are planning to purchase a home in Finedon and have instructed a Finedon conveyancing firm. 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. Skipton Building Society have this morning contacted us to inform me that there is now an issue as our Finedon conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for 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 lender 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 bank's conveyancing panel and you may continue to use your own Finedon solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Do lawyers request money up-front when it comes to conveyancing in Finedon?
If you are buying a property in Finedon your lawyer will request that you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the sale price then this will be needed immediately in advance of contracts are exchanged. Any further balance that is due should be transferred a couple of days ahead of the completion date.
We have a mortgage agreed in principle with Clydesdale. Finedon conveyancing lawyers were appointed. How long does it take for Clydesdale to send the offer to the solicitor?
Some lenders take longer than others. Have Clydesdale done the survey? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We were going to get a AIP from RBS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any Finedon solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Finedon solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I was told three weeks ago that my mortgage has been agreed to by Nottingham. Is it usual for Nottingham to only issue the offer once my solicitor in Finedon is approved on their conveyancing panel? Nottingham 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 Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
Various internet forums that I have frequented warn that are a common reason for hinderance in Finedon house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Finedon.
Are there restrictive covenants that are commonly picked up during conveyancing in Finedon?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Finedon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
My husband and I are first time buyers - had an offer accepted, yet the selling agent informed us that the vendor will only proceed if we appoint their recommended solicitors as they are insisting on a ‘quick sale’. We would rather use a local conveyancer accustomed to conveyancing in Finedon
It is highly unlikely the sellers are driving this. Should the seller desire ‘a quick sale', taking such a hostile approach to a genuine buyer is not the way to achieve this. Avoid the agents and go straight to the owners and make sure they comprehend that (a)you are genuine buyers (b)you are ready to go, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you intend to instruct your preferred Finedon conveyancing solicitors - as opposed tothose that will provide their negotiator at the agency a referral fee or hit his conveyancing targets demanded by senior management.