My fiance and I are hoping to acquire a home in Eccleston and have appointed a Eccleston 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 evening contacted us to inform me that they have now hit a problem as our Eccleston solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Eccleston lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
All was ready to move into my new home in Eccleston next Friday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
All property lawyers on acting for banks 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 UK Finance Lenders’ Handbook requirements. These obligations are not specific to conveyancing in Eccleston.
The Eccleston conveyancing lawyers that just started acting on my purchase in Eccleston have suddenly shut down. I only went with them because I had to have a firm on the Coventry BS conveyancing panel and my preferred Eccleston lawyer was not. I gave my credit card details for them to take £195 for searches. What should be my next steps?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Coventry BS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
How does conveyancing in Eccleston differ for newly converted properties?
Most buyers of new build residence in Eccleston come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Eccleston usually acquire the site, 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 conveyancers 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 Eccleston or who has acted in the same development.
Am I right to be wary by third parties that I am dealing with are encouraging me to use an online conveyancing firm as opposed to a local Eccleston conveyancing practice?
As is the case with many service providers, often referrals from connections can be most helpful. Yet there are many people with a keen interest in a conveyancing deal; estate agents, financial adviser and banks might all recommend lawyers to retain. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are at liberty to appoint your own conveyancer. You need to be aware that many lenders specify a panel list of solicitors you must use for the lender related work in your home move.
I am looking for a conveyancing solicitor in Eccleston for my house move. Can I see a firm’s record with the profession’s regulator?
One may review documented Solicitor Regulator Association (SRA) determinations arising from inquisitions commenced on or after Jan 2008. Visit Check a solicitor's record. To find information Pre 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The SRA sometimes recorded telephone calls for training reasons.