My husband and I are planning to purchase a flat in Ripon and have appointed a Ripon conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Aldermore have this morning contacted us to advise us that they have now hit a problem as our Ripon solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard 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 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Ripon solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
The sellers of the home we are hoping to buy have appointed a conveyancing practitioner in Ripon who has recommended a exclusivity contract with a down payment 10k. Are such agreements sensible?
This type of contract isn't frequently used in Ripon, conveyancers are not keen on them as they detract from focusing on the primary objective, namely conveyancing and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. Secondly, there is no guarantee that just because the owner has executed a lock out agreement they will complete the sale with you. They may be in contravention of the agreement if they are offered a big enough incentive to do so because an aggrieved party with the benefit of a exclusivity agreement will still be obliged establish consequential losses from the breach and these may not equalise the extra amount that the owner may gain by breaking the contract, however morally unworthy the behaviour is.
Does a directory service exist listing Principality panel conveyancers in Ripon on the Council of Mortgage Lender’s Website?
No. There is no such facility on the CML or Building Society Association websites. A small selection of mortgage companies make their panel listings open the public online. If you are in need of a Ripon lawyer on the Principality please use our facility.
Two weeks ago we had a mortgage agreed in principle with Yorkshire BS. Ripon conveyancing lawyers are chosen. How long does it take for Yorkshire BS to forward the offer to the property lawyer?
Some lenders take longer than others. Have Yorkshire BS completed the valuation? Have you informed Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
My partner and I are at the point of looking at flats in Ripon and I am now considering a potential offer. Should I already have a property lawyer in place at this stage? I am planning to take a home loan with Leeds Building Society.
It would be advisable to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are seeking a mortgage with Leeds Building Society, ask your prospective lawyers if they are on the Leeds Building Society conveyancing panel otherwise they can't do the mortgage legal work.
How does conveyancing in Ripon differ for new build properties?
Most buyers of new build or newly converted property in Ripon approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because developers in Ripon tend to 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 Ripon or who has acted in the same development.
I decided to have a survey completed on a property in Ripon prior to appointing solicitors. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some banks tend refuse to issue a mortgage on this type of home.
It depends who your proposed lender is. Santander has different instructions from Halifax. If you call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Ripon. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ripon to see if the conveyancing will be more expensive.
What tools are available to locate a Ripon law firm on the Clydesdale conveyancing panel? I am a keen cyclist and am happy to travel upto 20kilometers to meet the solicitor.
Feel free to make use of the search on this page. Please select a bank and your location and you will see a number of Ripon conveyancing lawyers located nearest you. We have detailed some Ripon conveyancing firms towards the end of this page and you can ring them to see if they are on the Clydesdale panel