My wife and I are planning to buy a flat in Hopton and are in fact using a Hopton conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. The Mortgage Works have this morning contacted us to advise us that they have now hit a problem as our Hopton conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is normal 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 bank 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Hopton lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We see that you have a post code search directory identifying law firms on the Lloyds conveyancing panel. Do companies pay you a commission if I appoint them for our own conveyancing in Hopton?
We are a listing service only for law firms wishing to communicate if they are on the Lloyds conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Hopton.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Hopton. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 7/12/2024, the requirements read as follows :
What can a local search tell me about the house I am buying in Hopton?
Hopton conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for example PSG The local search is essential in every Hopton conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search will reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
How does conveyancing in Hopton differ for new build properties?
Most buyers of new build residence in Hopton come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Hopton tend to buy 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 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 used to new build conveyancing in Hopton or who has acted in the same development.
I am one month into a freehold purchase having been referred to conveyancers by the estate agent to perform conveyancing in Hopton. We are not happy. Could you you assist me in finding new solicitors?
A conveyancer would have to be very bad to suggest replacing them. Has your mortgage offer been generated? In the event that it has you will need to make them aware of the new contact details and get the offer are re-sent. Your solicitor ideally needs to be on the mortgage company approved list to avoid escalating expenses and delays. So that should be your first question of the new conveyancers. The find a solicitor tool can assist you in finding a lender approved solicitor for your conveyancing in Hopton