My husband and I are hoping to purchase a property in Felling and Pelaw and have instructed a Felling and Pelaw 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. Godiva Mortgages Ltd have this evening contacted us to advise us that there is now an issue as our Felling and Pelaw lawyer 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 standard 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 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Felling and Pelaw solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My nephew is about to exchange on a new build apartment in Felling and Pelaw with a mortgage from HSBC. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the HSBC conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In scouring online forums for an affordable lawyer in Felling and Pelaw, most comment that I must use a CQS kitemarked solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in buying or selling property, trusted by some of the UK's leading lenders. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). CQS is not a scheme offered by the Council of Licensed Conveyancing. Felling and Pelaw is one of the numerous areas in England and Wales where there are Accredited lawyers.
Due to the input of my in-laws I had a survey completed on a property in Felling and Pelaw ahead of instructing lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies may not grant a mortgage on this type of property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. If you e-mail us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Felling and Pelaw. Conveyancing will be smoother if you use a solicitor in Felling and Pelaw especially if they are acquainted with such properties in Felling and Pelaw.
Is it simple use the search facility to locate a conveyancing lawyer in Felling and Pelaw on the authorised to act for my bank?
1st select a mortgage company such as HSBC Bank, Chelsea Building Society or Aldermore then type in your location such as Felling and Pelaw. Conveyancing organisations in Felling and Pelaw and further afield should be identified.
Do online conveyancing companies do everything a high street Felling and Pelaw solicitor does or do I still need to retain a solicitor for the final stages for my conveyancing in Felling and Pelaw?
Where you instruct an online conveyancer they will cover all the things your Felling and Pelaw solicitor will cover.