My husband and I are looking to buy a house in Colliers Wood and are in fact using a Colliers Wood 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. Barclays Direct have this evening contacted us to advise us that there is now an issue as our Colliers Wood lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors 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 Accreditation 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 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 Colliers Wood solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My Solicitor in Colliers Wood has never been on on the Leeds Building Society Solicitor Panel. Can I still continue with my family solicitor even though they are not on the Leeds Building Society panel?
Your options are as follows:
- Complete the purchase with your existing Colliers Wood solicitors but Leeds Building Society will need to instruct a solicitor on their list of acceptable firms. This will result in additional overall legal fees as well as result in delays.
- Choose an alternative practitioner to act in the purchase, remembering to check they are on the Leeds Building Society panel
When it comes to lenders such as Barclays, do Colliers Wood solicitors have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I can not fathom if my mortgage offer requires a lease extension. I have called into my local Colliers Wood building society branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Colliers Wood conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend based on their published requirements. I have no idea who is right.
Your property lawyer has to comply with the Council of Mortgage Lenders’ Handbook section two provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Planning on purchasing a maisonette in Colliers Wood. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Colliers Wood solicitor is on the HSBC conveyancing panel.
How does conveyancing in Colliers Wood differ for newly converted properties?
Most buyers of new build residence in Colliers Wood approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Colliers Wood tend to acquire the land, 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 property lawyers 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 Colliers Wood or who has acted in the same development.
I am a sole trader intending to take an assignment of a lease of an office on the high street. Can you recommend lawyers offering no-move-no costs for non-domestic conveyancing in Colliers Wood for below 1500k?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Colliers Wood, including the disposal and purchase of businesses as well as simply property. Whether you are intending to buy or lease a shop, pub, restaurant, office, retail premises or a whole business we can find you the right lawyer. As for the costs these will vary based on the structure and heads of terms of the deal. Please provide us with your details or call us so that we may provide you with comprehensive commercial conveyancing quote.
I am thinking of appointing a conveyancing lawyer in Colliers Wood for my sale. Can I review a solicitor's record with the profession’s regulator?
Anyone can find documented Solicitor Regulator Association (SRA) determinations resulting from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For information about the period before 1 January 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The regulator could recorded call for training reasons.