My husband and I are hoping to buy a home in Colyers and are in fact using a Colyers conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Coventry Building Society have this morning contacted us to advise us that they have now hit a problem as our Colyers solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal 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 bank 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 Colyers solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
My uncle pointed out to me me that in buying a property in Colyers there could be various restrictions preventing external changes to the property. Is this right?
There are anumerous of properties in Colyers which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Colyers should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it the case that all Colyers CQS (Conveyancing Quality Scheme) solicitors are on the Yorkshire BS conveyancing panel?
Some major lenders now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
Can I be sure that the Colyers conveyancing solicitor on the Leeds Building Society panel is any good?
When it comes to conveyancing in Colyers obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the lawyer conducting your conveyancing.
My wife and I are close to exchanging contracts on the sale of our property in Colyers and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any local lawyer would know that there is no such problem. It does beg the question why the purchasers are using a nationwide conveyancing outfit rather than a conveyancing solicitor in Colyers. We have lived in Colyers for many years we know that this is a non issue. Should 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 must 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 health insurance to cover that same sickness)
I am buying a new build flat in Colyers. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Colyers
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I am looking for a flat up to £305k and found one round the corner in Colyers I like with amenity areas and transport links nearby, however it's only got 61 years on the lease. There is not much else in Colyers for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
My friend mentioned that before choosing a conveyancing solicitors they must be approved by your lender. This is my first house move but I have an offer in principle with Birmingham Midhshires and I already have a bricks and morter conveyancing solicitor in Colyers lined up. Can Nat West Bank need an approved conveyancer to be selected? Does a list of panel firms even exist so I can choose a conveyancing lawyer in Colyers?
You should use a solicitor that is on the Nat West Bank panel. Just call your chosen Colyers conveyancing solicitor and ask if they are on the Nat West Bank panel. If they are not on the panel you have a couple of alternatives available to you here:
- Carry on with your existing Colyers conveyancing practitioner but Nat West Bank will need to instruct a property lawyer on their conveyancing panel. The net result is additional charges and potential interruption.
- Get a fresh solicitor to act in the purchase, making sure they are on the Nat West Bank conveyancing panel.
- Convince your conveyancing practitioner to do everything within their powers to get accepted on the Nat West Bank panel of solicitors.