My partner and I are planning to acquire a house in Moor Row and have instructed a Moor Row conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Virgin Money have this evening contacted us to inform me that they have now hit a problem as our Moor Row solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is normal 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Moor Row solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
The Moor Row conveyancing firm handling our Moor Row conveyancing has uncovered an inconsistency when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the legal papers for the property. My lawyer has advised that he must ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance right?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
If you had a top tip for choosing a conveyancing solicitor in Moor Row what would it be?
It would be unwise to be tempted by the lowest Moor Row conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
When it comes to mortgage companies such as RBS, do Moor Row lawyers face a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Can you point me to a directory of Lloyds panel solicitors in Moor Row on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association sites. A small selection of banks make their panel listings open the public over the internet. If you are looking for a Moor Row property lawyer on the Lloyds please make the most of our tool.
What can a local search inform me about the house my wife and I buying in Moor Row?
Moor Row conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search plays an important role in most Moor Row conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search will supply data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
How does conveyancing in Moor Row differ for newly converted properties?
Most buyers of new build property in Moor Row approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Moor Row typically acquire 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 property lawyers 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 Moor Row or who has acted in the same development.
I am selling my house. My previous conveyancers closed down. I am in need of a recommendation of a conveyancing firm. Im based in Moor Row if that makes a difference.
You should use our search tool to help you choose a solicitor for your conveyancing in Moor Row. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.