My wife and I are looking to acquire a property in Bestwood and are in fact using a Bestwood conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Yorkshire Building Society have this evening contacted us to inform me that there is now an issue as our Bestwood conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also act for 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 Quality 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Bestwood solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
We hope to to purchase with Darlington Building Society. I went into 3 or 4 local companies yet cant to find a Bestwood conveyancing firm on the Darlington Building Society panel. Please you help?
You should take advantage of the search tool on this site. Pick the lender and type Bestwood or your location and you will discover numerous solicitors offices in Bestwood or nearest you.
How does conveyancing in Bestwood differ for newly converted properties?
Most buyers of new build or newly converted property in Bestwood come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because developers in Bestwood typically acquire the real estate, 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 conveyancing solicitors 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 Bestwood or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Bestwood is where the house is located. Can you offer any guidance?
Flying freeholds in Bestwood are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bestwood you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bestwood may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Is it simple use the search tool to select a conveyancing lawyer in Bestwood on the approved list for my mortgage?
Step one is to pick a mortgage company such as Barclays , Barnsley Building Society or Bank of Ireland then choose your location for example Bestwood. Conveyancing firms in Bestwood and beyond will then be identified.
I see that you have a post code search directory identifying firms on the lender conveyancing panel. Do Bestwood conveyancing firms pay you a commission if I instruct them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the lender conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Bestwood.