My wife and I are looking to acquire a flat in Flamborough and are in fact using a Flamborough conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Santander have this evening contacted us to advise us that there is now an issue as our Flamborough solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is conventional 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 Quality Scheme. Your solicitor 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 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 Flamborough solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
At what point does exchange of contracts happen for purchase conveyancing in Flamborough and do I need to be at the solicitors office?
Where you are local to one of the conveyancing solicitors in Flamborough you are welcome to come in to sign the paperwork. However, the law practices we recommend offer a countrywide conveyancing service and provide just as comprehensive and professional a job for you when communicating with you electronically. The executing of the purchase agreement is not the critical part. Signing on the dotted line is necessary for the firm to exchange contracts at the suitable time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Flamborough)to be in the office available at the end of the phone to exchange contracts.
We wanted to use a conveyancing solicitor in Flamborough for our house move. Our financial adviser informed us that our mortgage company Barclays Direct won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most banks had an appetite for risk which was higher than today. Almost all Flamborough conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 carried out a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms about their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum volume of transactions. Many Flamborough conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Flamborough is one of the many locations where the solicitors we recommend are are authorised to act for Barclays Direct.
Is it the case that all Flamborough CQS (Conveyancing Quality Scheme) solicitors are on the Nationwide conveyancing panel?
It is true that some lenders now make use of CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
When it comes to lenders such as Aldermore, do Flamborough solicitors incur a yearly amount to be on the list of approved solicitors?
We are not aware of any lender fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
We expect to receive a OIP from Coventry BS 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 Coventry BS recommend any Flamborough solicitors on the Coventry BS conveyancing panel, or is it better to go independently?
You will need to appoint Flamborough 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.
Just had an offer accepted on a new build flat in Flamborough. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Flamborough
Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are surveyor prepared.
In my capacity as executor for the will of my father I am disposing of a residence in Newport but live in Flamborough. My conveyancer (based 300 miles awayneeds me to execute a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing lawyer in Flamborough who can witness and place their company stamp on the document?
strictly speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will be fine regardless of whether they are Flamborough based