My wife and I are planning to buy a property in Ferryside and are in fact using a Ferryside conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Chelsea Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Ferryside conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the purchaser's lender. 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Ferryside solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Do lenders provide you with an approved list of Ferryside conveyancing solicitors? How do you know who is on the TSB conveyancing panel?
Ferryside conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
I require quick conveyancing in Ferryside as I am faced with a deadline to sign on the dotted line within 3 weeks. A home loan is not required. Can I escape the need for conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you have the choice not to do searches although no lawyer would advise that you don't. Drawing on our experience of conveyancing in Ferryside the following are examples of what can appear and adversely impact market value: Refused Planning Applications, Overdue Charges, Overdue Grants, Road Schemes,...
How does conveyancing in Ferryside differ for new build properties?
Most buyers of new build or newly converted property in Ferryside contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Ferryside typically acquire 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 property lawyers 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 Ferryside or who has acted in the same development.
My uncle has recommend that I instruct his conveyancers in Ferryside. Should I use them?
Much as we are happy to recommend a Ferryside conveyancing lawyer it’s preferable to select a conveyancing practitioner is to get recommendations from friends or family who have experience in using the solicitor you're are thinking of instructing.
My fiance and I are planning to purchase a four bedroom flatin Ferryside with a residential mortgage from a lender. We have a solicitor in Ferryside however our lender says she’s not on their "panel". It seems we have little choice but to instruct from the our lender panel firms or keep our Ferryside conveyancer and pay for one of their panel ones to represent our bank. This seems very unfair; is there anything we can do?
No, not really. The mortgage company mortgage issued is subject to conditions, one of which will be that solicitors will on the lender's conveyancing panel. in the past, most lenders had large numbers of law firms on their panels, including almost all conveyancing solicitors in Ferryside : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for your mortgage company.