My husband and I are looking to purchase a flat in Downend and are in fact using a Downend conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Clydesdale have this afternoon contacted us to inform me that there is now an issue as our Downend lawyer is not on their conveyancing panel. What do we do from here?
If you are buying a property needing a mortgage it is usual 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 property lawyer 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 Downend solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I am hoping to move into my new home in Downend next Friday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not limited to conveyancing in Downend.
Should lawyers ask for money on account for conveyancing in Downend?
If you are buying a property in Downend your lawyer will request that you to provide them with funds to cover the the cost of the conveyancing searches. Generally this is asked for to cover the fees of the Local Authority Search. If any down payment is as part of the purchase price then this should be needed shortly prior to exchange of contracts. Any further balance that is needed should be sent to your lawyer shortly before completion.
My fiancee and I are at the point of looking at apartments in Downend and I am now considering a potential offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Aldermore.
It would be advisable to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. Given that you are obtaining a mortgage with Aldermore, make sure you remember to check that your lawyer is on the Aldermore conveyancing panel.
About to purchase house in Downend. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS 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 Downend conveyancer is on the RBS conveyancing panel.
Bank of Ireland have agreed my mortgage in principle, my bid on a house in Downend has been accepted, now what?
The property agent will wish to be informed of your solicitor's details (ensure that the property lawyers are on the bank’s approved list). Contact Bank of Ireland or the broker and finalise any relevant paperwork. Bank of Ireland will instruct a valuer who will get in contact with the selling agent or seller to book an appointment. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Bank of Ireland will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Downend.
I completed on my apartment on 7 July and my personal details is yet to be registered. Need I be worried? My conveyancing solicitor in Downend advises it will be concluded inside ten days. Are properties in Downend uniquely lengthy to register?
As far as conveyancing in Downend is concerned, registration is no quicker or slower than the rest of the country. Rather than based on location, timeframes can adjust according to the party submitting the application, whether it is in order and whether the Land registry have to notify any interested persons or bodies. At present roughly 80% of submission are fully dealt with within two weeks but some can be subject to protracted hold-ups. Registration takes place after the buyer has moved in to the premises thus registration formalities is not typically top priority yet if there is a degree of urgency associated with the registration then you or your solicitor can speak with the land registry and explain the circumstances.
How does conveyancing in Downend differ for new build properties?
Most buyers of new build or newly converted property in Downend come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is completed. This is because house builders in Downend tend to purchase 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 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 used to new build conveyancing in Downend or who has acted in the same development.