My partner and I are looking to purchase a home in Baguley and have appointed a Baguley conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Britannia have this morning contacted us to inform me that they have now hit a problem as our Baguley solicitor is not on their conveyancing panel. What do we do from here?
Where you are buying a property with the assistance of a mortgage it is normal 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 solicitor 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Baguley solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are selling our apartment in Baguley. Does my property lawyer need to be on the Coventry BS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
My father informed me that in buying a property in Baguley there may be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
We are aware of anumerous of properties in Baguley which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Baguley should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My solicitor has informed me that lack of right of way insurance is required on my purchase. What is the level of cover for Baguley conveyancing?
The right level of lack of right of way indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and Chelsea Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
I am due to exchange contracts on my flat. I had a double glazing fitted in January 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, HSBC are being a right pain. The Baguley solicitor who is on the HSBC conveyancing panel is saying indemnity insurance will be fine but HSBC are requiring a building regulation certificate. Why do HSBC have a conveyancing panel if they don't accept advice from them?
It is probably the case that HSBC have referred the matter to their valuer. The reason why HSBC may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have been told that property searches are the main cause of hinderance in Baguley conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Baguley.
What does commercial conveyancing in Baguley cover?
Non domestic conveyancing in Baguley incorporates a broad array of advice, supplied by regulated solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I am buying a house mortgage free. My conveyancer has been given with 2 distinct forms of photographic ID, bank statement, endless utility bills. Now he wants a copy from a probate lawyer stating that the funds are legitimate and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Baguley conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.