My husband and I are planning to acquire a home in Milnrow and are in fact using a Milnrow conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Godiva Mortgages Ltd have this afternoon contacted us to advise us that there is now an issue as our Milnrow solicitor is not on their approved list of lawyers. Please explain?
If you are buying a property with the assistance of a mortgage it is usual 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 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Milnrow solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Would the conveyancing lawyers via your comparison service conduct conveyancing in Milnrow by way of an attended exchange?
We do have a number of conveyancing experts who can conduct one day exchanges. Please e-mail us to get a costs illustration and details as to dates.
Are the BSA planning on creating a online directory to to identify practices on the Melton Mowbray Building Society conveyancing panel for example in Milnrow?
Lexsure has not been advised of any plans on the part of the BSA to develop such a search facility.
is it true that all Milnrow solicitor practices on the Virgin Money conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Virgin Money conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel and in that case the organisation would be governed by the Council of Licensed Conveyancers.
We had chosen conveyancing lawyers with offices in Milnrow on the Kent Reliance solicitor approved list. They have just billed me an additional amount for handling the Kent Reliance mortgage. Is this a supplemental conveyancing fee set by Kent Reliance?
Provided it is contained in their Terms of Engagement or estimate then yes your lawyer can levy a fee for this. The charge is not set by Kent Reliance but by your Milnrow conveyancing practitioner. Numerous firms on the Kent Reliance panel will charge an ‘acting for lender’ fee and others do not.
I am due to exchange contracts on my house. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Kent Reliance are being a right pain. The Milnrow solicitor who is on the Kent Reliance conveyancing panel is saying indemnity insurance will be fine but Kent Reliance are requiring a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have been told that property searches are the primary cause of delay in Milnrow house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Milnrow.
My husband and I have an offer in principle from Nationwide Building Society who indicated we could borrow up to £350k. At what point do I need to appoint a lawyer for conveyancing? Milnrow is where we plan to move to.
It would be wise to appoint a lawyer now requesting that they open a file on your behalf. This will enable: 1) the estate agent to send out the Sales Memorandum to all parties 2) the seller’s solicitor to submit the draft paperwork. However, do not instruct your lawyer to order searches until you receive your valuation report via Nationwide Building Society and you are content to move forward.