My fiance and I are looking to purchase a home in Osterley and are in fact using a Osterley conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Bank of Scotland have this afternoon contacted us to advise us that they have now hit a problem as our Osterley lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage 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 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Osterley lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I have given 2 months notice to my existing landlord and have to vacate my let out property in Osterley by 7/11/2022. Conveyancing on my purchase has just started. Can I complete in 4 weeks as don't want to have to move into temporary accommodation?
Generally one should not provide notice for your letting until exchange of contracts has taken place. Assuming that you have not already done so, speak to your lawyer and request that they apply pressure on the other lawyers, try to get a realistic time scale from them that all parties will aim to achieve
It is a dozen years since I purchased my home in Osterley. Conveyancing lawyers have now been retained on the sale but I can't locate the title documents. Is this a major issue?
You need not be too concerned. Firstly the deeds may be with the mortgage company or they could stored with the conveyancers who oversaw the purchase. Secondly in most cases the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Nearly all conveyancing in Osterley involves registered property but in the rare situation where your property is not registered it is more tricky but is resolvable.
I have an AIP. The lender mentioned the loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather instruct a Osterley based conveyancing firm?
Do check but the the likelihood is that give you one of their panel conveyancers where you accept the "fee-free" deal. Call the lender to see if they offer you a cash alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Osterley.
I used Stirling Law a few years past for my conveyancing in Osterley. Now, I need my documents however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Osterley of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Osterley differ for new build properties?
Most buyers of new build premises in Osterley come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Osterley usually acquire the site, 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 conveyancers 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 used to new build conveyancing in Osterley or who has acted in the same development.