My wife and I are hoping to purchase a house in Chase Side and are in fact using a Chase Side conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Clydesdale have this morning contacted us to inform me that there is now an issue as our Chase Side conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Chase Side solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
What does my ID and proof of funds have anything to do with my conveyancing in Chase Side? Is this really warranted?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms of Engagement that you are required to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you refuse to supply identification documents, your lawyer would not be able to accept instructions from you.
What happens if my solicitor is suspended from the Santander Conveyancing panel ahead of completing my conveyancing in Chase Side?
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.
We are intent on selling our house in Chase Side and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. A local lawyer would know that there is no such problem. It does beg the question why the buyers instructed a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Chase Side. Having lived in Chase Side for many years we know of no issue. Do we contact our local Authority to seek confirmation that the buyers are looking for.
It would appear that you have a conveyancing firm already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
How does conveyancing in Chase Side differ for new build properties?
Most buyers of new build premises in Chase Side come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Chase Side typically 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 Chase Side or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one near me in Chase Side I like with open areas and transport links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Chase Side in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan that many years will likely be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.