My partner and I are looking to purchase a property in Rugby and are in fact using a Rugby conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Birmingham Midshires have this afternoon contacted us to advise us that there is now an issue as our Rugby solicitor is not on their approved list of lawyers. 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 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Rugby solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
At what point does exchange of contracts occur in sale conveyancing in Rugby and am I required to be at the solicitors branch?
If you are in close proximity to one of the conveyancing solicitors in Rugby you are welcome to attend to sign the paperwork. That being said, the firms we recommend provide a national conveyancing service and provide as equally detailed and professional a job for you when dealing with you digitally. The signing of the purchase agreement is not when everything is set in stone. A signed contract is necessary for the solicitor to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Rugby)to be in the office at the appropriate time.
I have recentlybecome aware that Arc property Solicitors have closed. They carried out my conveyancing in Rugby for a purchase of a freehold house 18 months ago. How can I establish that the property is in my name in the name of the former proprietor?
The easiest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Rugby conveyancing specialists.
How does conveyancing in Rugby differ for new build properties?
Most buyers of new build property in Rugby come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because developers in Rugby tend to purchase 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 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 used to new build conveyancing in Rugby or who has acted in the same development.
My uncle has suggested that I use his lawyers for conveyancing in Rugby. Should I use them?
Much as we are happy to recommend a Rugby conveyancing lawyer it’s preferable to find a conveyancing lawyer is to seek guidance from friends or relatives who have previously instructed the solicitor you're considering.
Our solicitor in Rugby has uncovered a defect with the lease for the property we are purchasing in Rugby. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the bank?
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 Rugby conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. The appropriate lender requirements must be adhered to by the lender conveyancing panel who has to balance acting for you and the mortgage company