My fiance and I are hoping to purchase a property in Belbroughton and have appointed a Belbroughton conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Platform Home Loans Ltd have this evening contacted us to inform me that they have now hit a problem as our Belbroughton conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is normal 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 Quality 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 as you are at liberty to use your preferred Belbroughton lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
It is 10 years ago since I purchased my house in Belbroughton. Conveyancing lawyers have just been instructed on the sale but I am unable to track down the deeds. Will this cause complications?
You need not be too concerned. Firstly the deeds may be retained by your mortgage company or they could be archived with the lawyers who oversaw the purchase. Secondly in most cases the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. Most conveyancing in Belbroughton relates to registered property but in the unlikely event that your property is unregistered it is more problematic but is not insurmountable.
Having spent time reading online forums for a recommended lawyer in Belbroughton, many post that I must use a CQS accredited lawyer. What is CQS?
Belbroughton Conveyancing Quality Scheme solicitors have been granted accreditation by the law Society CQS was established to promote high standards in the home moving process. CQS helps buyers and sellers to identify solicitor firms who provide a quality residential conveyancing. Belbroughton is one of the many areas in England and Wales in which accredited firms are based. The conveyancing scheme obliges practices to undergo a strict assessment, compulsory training, self-reporting, random audits and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Legal Ombudsman.
If you had a top tip for selecting a conveyancing solicitor in Belbroughton what would it be?
It would be unwise to be swayed by the lowest Belbroughton conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
I am the only beneficiary of my late mum's will and I have everything in my name alone, including the house in Belbroughton. Conveyancing formalities meant that the Land Registry date was in January. I plan to dispose of the house. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership will be considered the same way as though I had purchased the property in January. Is the property unsalable for six months?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Some lenders would take a sensible view as this requirement principally exists to identify subsales or the wholesaling and assigning of properties.
I was told two weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Belbroughton is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should our solicitor be raising enquiries about flooding during the conveyancing in Belbroughton.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Belbroughton. Some people will acquire a property in Belbroughton, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a numerous searches that can be carried out by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Belbroughton. The conventional set of property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to find out whether the premises has suffered from flooding. If flooding has previously occurred which is not notified by the seller, then a buyer could issue a legal claim for losses as a result of such an inaccurate response. A buyer’s conveyancers should also conduct an enviro search. This will higlight if there is any known flood risk. If so, additional inquiries should be made.
I need to retain a conveyancing solicitor for residential conveyancing in Belbroughton. I have chance upon a site which appears to be the perfect solution If there is a chance to get all the legals done via email that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?