My wife and I are hoping to buy a flat in Woodford and are in fact using a Woodford conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Clydesdale have this morning contacted us to advise us that they have now hit a problem as our Woodford lawyer is not on their conveyancing panel. Please explain?
Where you are buying a property requiring a mortgage it is usual 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 solicitor should contact your lender 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 Woodford lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
The Woodford conveyancing firm handling our Woodford conveyancing has discovered an inconsistency between the assumptions in the home valuation survey and what is in the legal papers for the property. My lawyer says that he must ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance right?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am remortgaging my apartment in Woodford, does my lawyer have to be on the Kent Reliance Solicitor panel?
There is nothing to stop you using your solicitor, but Kent Reliance will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Have just purchased a probate house at auction in Woodford. Conveyancing is needed. What happens now?
Now that you have for all intents and purposes signed on the dotted line you should appoint a conveyancing solicitor soon as you are facing a fast approaching a fixed date to complete the conveyancing. All auction property will have an associated legal set of papers. This will include evidence of title and search results. In the case of leasehold property the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to leasehold premises. You need to hand this to your appointed conveyancing solicitor ASAP. You also need to ensure that you have funds in place to complete on the date specified in the contract.
I happen to be the only beneficiary of my late mum's estate with all property in now in my sole name, including the my former home in Woodford. The Woodford property was put into my name in June. I plan to dispose of the property. I understand that there is a CML six month 'rule', which means that my property ownership will be regarded the same way as though I had purchased the house in June. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How sensible a view lenders take of it, depend on the mortgage company as this clause primarily exists to pick up on subsales or the flipping of property.
My fiancee and I are at the point of looking at apartments in Woodford and I am now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with RBS.
It would be wise to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. Given that you are taking out a mortgage with RBS, ask your prospective lawyers if they are on the RBS conveyancing panel otherwise they can't do the mortgage legal work.
We are selling our house in Woodford and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local conveyancer would know this is not the case. It does beg the question why the purchasers instructed an internet conveyancing practice rather than a conveyancing solicitor in Woodford. We have lived in Woodford for three years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to get clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I am due to assess quotes for conveyancing in Woodford from various property lawyer and appoint one. Do I instruct them to sit tight until I a suitable flat to buy.
We would recommend that you only get your conveyancing practitioner to open a file and order searches once the offer has been agreed to on the property particularly as Woodford conveyancing searches are costly.