My husband and I are hoping to buy a flat in Fawley and have instructed a Fawley conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Barclays Direct have this morning contacted us to inform me that they have now hit a problem as our Fawley solicitor is not on their conveyancing panel. What do we do from here?
Where you are buying a property needing a mortgage it is usual 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 property lawyer should contact your lender 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 bank's conveyancing panel and you may continue to use your own Fawley solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am hoping to complete my purchase in Fawley next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the lender 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 UK Finance Lenders’ Handbook instructions. These obligations are not unique to conveyancing in Fawley.
My lawyer in Fawley is not listed on the Virgin Money Solicitor Panel. Is it possible for me to retain my family solicitor notwithstanding that they are not on the Virgin Money panel of approved conveyancing solicitors?
The limited options available to you here include:
- Carry on with your existing Fawley lawyers but Virgin Money will need to retain a lawyer on their panel. This will inevitably rack up the overall conveyancing charges and cause frustration.
- Find a new lawyer to act in the conveyancing, remembering to check they are Convince your solicitor to do everything within their powers to join the Virgin Money conveyancing panel
I am buying a terrace house in Fawley. The intention is to carry out an extension to the side at the property.Will the conveyancing process include checks to see if these works are allowed?
Your property lawyer will review the deeds as conveyancing in Fawley will occasionally identify restrictions in the title documents which prevent categories of works or require the consent of a 3rd party. Certain works call for local authority planning permissions and approval in compliance with building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be wise to check these things with a surveyor prior to committing yourself to a purchase.
I'm the sole recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in Fawley. The Fawley property was put into my name in May. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership will be regarded the same way as though I had purchased the property in May. Will no one buy the property for half a year?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How sensible a view lenders take of it, depend on the lender as this clause principally exists to pick up on the purchase and immediately sell or the quick reselling of properties.
is it true that all Fawley conveyancing solicitors on the Skipton conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Skipton approved list of solicitors they would need to be overseen by the SRA. Many mortgage companies do list licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
We are buying a property and the solicitor has raised the issue of Chancel Repair for which the property may be liable given it’s proximity to the area of such a church. She has recommended insurance. Is this really required for conveyancing in Fawley
Unless a prior acquisition of the premises completed post 12 October 2013 you may assume that conveyancing practitioners carrying out conveyancing in Fawley to continue to suggest a chancel search and or chancel repair liability insurance.
My husband and I are FTB’s - had an offer accepted, yet the agent informed us that the seller will only move forward if we appoint their chosen conveyancers as they want a ‘quick sale’. We would rather use a high street conveyancer used to conveyancing in Fawley
It is highly unlikely the sellers are behind this. Should the seller desire ‘a quick sale', turning down a genuine purchaser is counter productive. Speak to the vendors direct and make the point that (a)you are motivated buyers (b)you are excited to move forward, with finances in place © you are unencumbered (d) you wish to move quickly (e)however you will continue to instruct your own,trusted Fawley conveyancing solicitors - not the ones that will give the negotiator at the agency a referral fee or meet his conveyancing figures pre-set by corporate headquarters.