My husband and I are hoping to buy a home in Raunds and have instructed a Raunds conveyancing firm. 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. Santander have this afternoon contacted us to inform me that they have now hit a problem as our Raunds conveyancer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property requiring a mortgage it is standard for the purchasers' lawyers 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 mortgage company 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 lender’s conveyancing panel as you are at liberty to use your preferred Raunds lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My partner and I are only a couple days away from an exchange on a flat in Raunds and my parents have transferred the ten percent deposit to my conveyancer. I am now advised that as the deposit has not arrived from me my lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
Your conveyancer is obliged to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I opted to have a survey done on a property in Raunds prior to instructing lawyers. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some lenders may refuse to issue a loan on a flying freehold house.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. Should you wish to telephone us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Raunds. Conveyancing may be slightly more expensive based on your lender's requirements.
I was advised by three or four local selling agents in Raunds to select a conveyancer using your seach tool. What’s the financial incentive for Estate Agents to recommend your site ahead of alternative conveyancing organisations?
We don’t give any referral fee for directing people in our direction. We thought it would be too underhand to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Am I best advised to appoint a Raunds conveyancing solicitor based in the vicinity that I am hoping to buy? I have an old university friend who can perform the legal formalities however his firm is located 200miles drive away.
The benefit of a local Raunds conveyancing firm is that you can attend the office to execute paperwork, present your ID and pester them if necessary. They will also have local knowledge which is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and in the main were happy that must outweigh using an unknown Raunds conveyancing solicitor just because they are round the corner.
I have been advised by numerous family members that it should take six to eight weeks for Raunds conveyancing to complete.This was four weeks ago. The draft contract was only sent to my conveyancing practitioner yesterday so now does it countdown?
You should not rely on moving on a certain date until contracts are exchanged. Whatever promises the people you are buying from or selling to make, or your solicitor provides don't rely on them. More stress is caused to buyers and sellers by unfulfilled assurances than any other issue when it comes to conveyancing in Raunds.