My husband and I are planning to acquire a house in Headington and are in fact using a Headington conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Nationwide Building Society have this evening contacted us to advise us that they have now hit a problem as our Headington conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for 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 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Headington lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My nephew is in the process of securing a newly built flat in Headington with a mortgage from Barclays. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Barclays conveyancing panel as a standard part of the process, and to the valuer 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 Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am considering applying for a Co-operative mortgage for purchase of a newly converted (under development) in Headington with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Co-operative ?
In theory, you could use a solicitor that is not on the Co-operative conveyancing panel, but Co-operative would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Is it the case that all Headington CQS (Conveyancing Quality Scheme) solicitors are on the UBS conveyancing list of approved practices?
Some major lenders now make use of the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
Two weeks ago we had a mortgage agreed in principle with Nationwide. Headington conveyancing solicitors are selected. What is the average time that one could expect to receive a mortgage offer from Nationwide?
There is no definitive answer here. Have Nationwide conducted the valuation? Have you informed Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Lloyds have agreed my mortgage in principle, my bid on a flat in Headington has been agreed to, now what?
Your estate agent will wish to be informed of your property lawyer's details (be sure the property lawyers are on the bank’s approved list). Call up Lloyds or the broker and finish off any outstanding documentation. Lloyds will sellect a valuer who will get in touch with the estate agent or vendor to schedule a time for the valuation to happen. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. Lloyds will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Headington.
Should our solicitor be raising enquiries regarding flooding as part of the conveyancing in Headington.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Headington. Some people will buy a house in Headington, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, however there are a number of searches that may be carried out by the buyer or on a buyer’s behalf which should figure out the risks in Headington. The standard completed inquiry forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the owner to find out whether the property has historically flooded. In the event that flooding has previously occurred which is not revealed by the vendor, then a purchaser may issue a claim for damages as a result of such an misleading reply. The purchaser’s lawyers may also commission an enviro report. This will disclose whether there is any known flood risk. If so, additional inquiries should be initiated.
About to purchase a new build apartment in Headington. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Headington
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are architect prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?