My partner and I are planning to purchase a property in Bolsover and have appointed a Bolsover conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barclays Direct have this afternoon contacted us to advise us that they have now hit a problem as our Bolsover conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance 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 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 bank's conveyancing panel and you may continue to use your own Bolsover solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Please explain the implications if my solicitor is suspended from the HSBC Conveyancing panel ahead of completing my conveyancing in Bolsover?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My aunt informed me that in buying a property in Bolsover there may be various restrictions limiting what one can do in terms of external changes to a property. Is this right?
We are aware of a number of properties in Bolsover which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Bolsover should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as Coventry BS, do Bolsover conveyancers face an annual charge to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I am purchasing a property in Bolsover. A rare aspect is that the roof has a solar panel. Aldermore have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Aldermore your lawyer must comply with the conveyancing instructions outlined in Part two of UK Finance Lenders’ Handbook for Aldermore. The CML Handbook includes minimum provisions for solar panel roof-space leases, and conveyancing practitioners are required to report to Aldermore where a lease fails to meet these specifications. The conditions relate to the installation of panels on properties countrywide and is not isolated to Bolsover.
What can a local search inform me regarding the house we're purchasing in Bolsover?
Bolsover conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search plays a central part in most Bolsover conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search should reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
Are there restrictive covenants that are commonly identified during conveyancing in Bolsover?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Bolsover. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Bolsover differ for newly converted properties?
Most buyers of new build property in Bolsover approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Bolsover tend to buy 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 Bolsover or who has acted in the same development.