My partner and I are looking to buy a flat in Hurworth and are in fact using a Hurworth conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Alliance & Leicester have this evening contacted us to advise us that there is now an issue as our Hurworth conveyancer is not on their conveyancing panel. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is conventional for the purchasers' lawyers to also act for the purchaser's lender. 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 property lawyer 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 solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Hurworth solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I am under pressure from the seller of a property in Hurworth to sign contracts within four weeks. What can I do to speed up the buying process?
Where the seller is applying time constraints for your conveyancing it is highly recommended that your conveyancer is familiar with the location as they will make use of local contacts and insight. It is possible that they could have transacted previoushouses in the same neighbourhood. Therefore consider using a Hurworth conveyancing firm. In addition, make sure that the lawyer is on the lender panel. It is believed that 18% of Hurworth conveyancing transactions are delayed or derailed after finding out that a buyer’s conveyancer was not on their banks list of approved solicitors. In many cases this discovery resulted in the conveyancing being held up by an average of three weeks. It is understood that this issue impacts approximately 100,000 home sales annually. Many Hurworth conveyancing practices can not represent certain lenders so do check as early as possible.
When it comes to mortgage companies such as Clydesdale, do Hurworth solicitors face a fee to be on the conveyancing panel?
We are unaware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I have decided to exercise my right to buy my property in Hurworth off the council. I have a mortgage agreed with Kent Reliance. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
After much negotiation I have agreed a price on a house in Hurworth. My financial adviser recommended their conveyancers. I paid an upfront payment of £150. A few days later, the solicitor called me sheepishly admitting that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Should commercial conveyancing searches reveal planned roadworks that could impact a commercial estate in Hurworth?
Many commercial conveyancing solicitors in Hurworth will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Hurworth. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hurworth.
For each commercial conveyancing transaction in Hurworth it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may cause delays to Hurworth commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Hurworth.
How does conveyancing in Hurworth differ for new build properties?
Most buyers of new build residence in Hurworth come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is completed. This is because developers in Hurworth typically buy the land, 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 Hurworth or who has acted in the same development.
My partner and I are buying a studio flat in Hurworth. At the point of instructing our conveyancer, they said that they were on all major UK bank panels. Our mortgage broker contacted us today to advise that they don't seem to be on the Santander approved list. Should that be true, what should we do? Should we simply pick a new solicitor that is on their approved list or should we cover the costs for separate representation, with Santander appointing their own approved conveyancing practitioner.
When buying a property with mortgage finance it is normal for the purchaser’s lawyers to also represent the purchaser's lender. In order to act for a bank or building society a conveyancer has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the lawyer has to fulfill. Some banks now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should call Santander 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 are not legally obliged to appoint a law firm on Santander's conveyancing panel as you are at liberty to use your preferred Hurworth lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another solicitor into the mix.