My husband and I are looking to purchase a house in Bulwell and are in fact using a Bulwell conveyancing firm. Within the last couple of days our conveyancer 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 there is now an issue as our Bulwell lawyer is not on their conveyancing panel. Please explain?
Where you are buying a property with the assistance of a mortgage it is normal for the purchasers' solicitors to also act for 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 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 bank's conveyancing panel and you may continue to use your own Bulwell solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I require conveyancing for a flat in a fairly new development (seven years old) in Bulwell. The vast majority the properties have already been occupied. Is it really necessary to order conveyancing searches for my conveyancing in Bulwell?
You are taking a significant risk in failing carrying out Bulwell conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal necessity to have them, but we would absolutely advise in no uncertain terms that your conveyancer conducts them. Where timings and cost are top of your issues you should discuss with your conveyancer about the option of search insurance
What does my ID and proof of funds have anything to do with my conveyancing in Bulwell? Is this really warranted?
It is indeed that case that these requests have nothing to do with conveyancing in Bulwell. However these days you will not be able to proceed with any conveyancing deal without first supplying evidence of your identity. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are supplying your driving licence as proof of ID it must be both the paper section as well as the photo card part, one is not acceptable without the other.
Verification of your origin of monies is required in accordance with the Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancing solicitor will need to have this information on record. Your Bulwell conveyancing solicitor will require evidence of proof of funds before they are able to accept any monies from you into their client account and they may also ask additional questions regarding the origin of funds.
I am looking to buy a flat and require a conveyancing solicitor in Bulwell who is on the Bank of Ireland approved. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Bank of Ireland in certain locations such as Bulwell. We dont recommend any particular firm.
I have been on the look out for a flat up to £235,500 and found one round the corner in Bulwell I like with amenity areas and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Bulwell suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
We're new on the property ladder - had an offer accepted, but the estate agent has warned us that the vendor will only go ahead if we use their chosen lawyers as they want a ‘quick sale’. Our preferred option is to instruct a family solicitor with experience of conveyancing in Bulwell
We suspect that the seller is unaware of this demand. If they desire ‘a quick sale', alienating a serious purchaser is counter productive. Bypass the agents and go straight to the sellers and make sure they comprehend that (a)you are genuine purchasers (b)you are excited to move forward, with finances arranged © you are unencumbered (d) you wish to move quickly (e)however you are going to appoint your preferred Bulwell conveyancing firm - not the ones that will provide their estate agent a referral fee or achieve conveyancing figures pre-set by head office.