My partner and I are planning to acquire a property in Oxfordshire and have appointed a Oxfordshire 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. Accord Mortgages Ltd have this evening contacted us to inform me that they have now hit a problem as our Oxfordshire solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal 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 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Oxfordshire lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Our mortgage company has suggested a law firm on their panel based in Oxfordshire but I would rather choose a conveyancing lawyer in Oxfordshire or nearer to where I live. Can you assist?
Far from all Oxfordshire conveyancing practices are approved and listed on all banks conveyancing panel. Use our search tool to find a Oxfordshire conveyancing conveyancer on the on the lender panel.
A relative recommended that where I am buying in Oxfordshire I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Oxfordshire conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Oxfordshire around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Oxfordshire Education with plans and statistics, Local Amenities and other useful data about Oxfordshire.
I'm buying my first flat in Oxfordshire with a loan from Norwich and Peterborough Building Society. The builders refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not inform my solicitor about this deal as it may impact my mortgage with Norwich and Peterborough Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Should I be suspicious about estate agents that I am dealing with are suggesting a web based conveyancing firm rather than a local Oxfordshire conveyancing firm?
As with lots of professional services, often referrals from connections can be extremely useful or valuable. Nevertheless there are numerous people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and lenders might all suggest conveyancers to retain. On occasion the conveyancers might be known to one of the organisations as experts in their field, but sometimes there exists a financial incentive behind the endorsement. You are free to choose your own lawyer. Don't forget that most lenders have an approved list of law firms you have to use for the lender related work in your house move.
My step-father has urged me to use his lawyers for conveyancing in Oxfordshire. Do I take his guidance?
No doubt it’s preferable to select a conveyancing lawyer is to have recommendations from friends or family who have actually experience in using the solicitor you're considering.