My husband and I are hoping to buy a house in Old Coulsdon and are in fact using a Old Coulsdon conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Barclays have this afternoon contacted us to inform me that they have now hit a problem as our Old Coulsdon conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property needing a mortgage it is conventional for the purchasers' solicitors to also represent 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 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 bank's conveyancing panel as you are at liberty to use your preferred Old Coulsdon lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Have just purchased a probate house at auction in Old Coulsdon. Conveyancing is needed. What are my next steps?
Given that you are now exchanged you will need to retain a conveyancing solicitor soon as you are faced with a pending a drop dead date to complete the property. Every auction property will ordinarily have an associated legal set of papers. This should include most,if not all of the paperwork that your lawyer will need. In the case of leasehold property the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to leasehold premises. You should give this to the lawyer instructed by you as soon as possible. You also need to ensure that your finances are in order to complete the transaction on the set completion date.
Is it the case that all Old Coulsdon conveyancing solicitors on the Nottingham conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Nottingham conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel and in such a situation the organisation would be regulated by the CLC.
It is unclear whether my lender requires a lease extension. I have called into my local Old Coulsdon bank branch on various occasions and was told they are content with the situation and they will lend. My Old Coulsdon conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. I have no idea who is right.
The conveyancing practitioner has to follow the CML Handbook section two provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Various online forums that I have come across warn that are the main reason for stalling in Old Coulsdon conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in Old Coulsdon.
How does conveyancing in Old Coulsdon differ for new build properties?
Most buyers of new build premises in Old Coulsdon come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Old Coulsdon tend to purchase 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 Old Coulsdon or who has acted in the same development.
We're novice buyers - had an offer accepted, yet the estate agent advised that the seller will only move forward if we instruct the agent's chosen solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer who is accustomed to conveyancing in Old Coulsdon
It is highly unlikely the sellers are driving this. If they desire ‘a quick sale', turning down a serious buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)however you intend to instruct your own,trusted Old Coulsdon conveyancing firm - rather thanthose that will earn the estate agent a introducer fee or hit his conveyancing figures set by head office.
Our lawyer in Old Coulsdon has uncovered a a problem with the lease for the apartment we are purchasing in Old Coulsdon. The other side have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Old Coulsdon conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. The appropriate lender requirements have to be complied with by the mortgage company conveyancing panel who has to balance acting for you and the lender