My fiance and I are planning to acquire a flat in Bury and have appointed a Bury conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. The Mortgage Works have this afternoon contacted us to advise us that they have now hit a problem as our Bury lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers 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 solicitor 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 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 Bury solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
We see that you have a search directory listing law firms on the Bank of Ireland conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in Bury?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Bury.
A relative advised me that where I am purchasing in Bury I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Bury conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Bury around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Bury Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data about Bury.
I have recentlybecome aware that Wolstenholmes have been shut down. They conducted my conveyancing in Bury for a purchase of a leasehold apartment 10 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The quickest method to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Bury conveyancing specialists.
I decided to have a survey done on a house in Bury ahead of retaining conveyancers. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some lenders will refuse to grant a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bury. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bury to see if the conveyancing will be more expensive.
I have been told by many family members to expect 6-8 weeks for Bury conveyancing to complete.This was a month ago. The property information was only received from the vendors conveyancing practitioner yesterday so now does it countdown?
It would be unwise bank on counting down any 6-8 week suggested period. Addressing precisely how how many weeks Bury conveyancing will take is virtually impossible. Without fail every Bury conveyancing transaction has it’s own unique set of concerns. As a result your property lawyer should be unwilling to predict the an exact timescale to finalise your conveyancing in Bury.