My fiance and I are looking to acquire a flat in Longhope and have appointed a Longhope conveyancing practice. Within the past 48 hours 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 Longhope solicitor is not on their conveyancing panel. Please explain?
If you are buying a property needing a mortgage it is normal 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 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 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 Longhope solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Due to complete my purchase in Longhope next Friday. My lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need 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 requirements are not unique to conveyancing in Longhope.
Do all mortgage companies provide you with an approved list of Longhope conveyancing solicitors? How do you know who is on the Santander conveyancing panel?
Longhope conveyancing firms themselves provide us confirmation that they are on the Santander conveyancing panel as opposed to being supplied with a list from Santander directly.
I am purchasing a new build flat in Longhope. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Longhope you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Longhope.
I need to retain a conveyancing solicitor for some conveyancing in Longhope. I happened to stumble upon a site which looks to be the perfect solution If there is a chance to get all the legals completed via web that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
We have been informed by numerous friends to expect up to two months for Longhope conveyancing to complete.This was 3 ago. The property information was only received to my lawyer yesterday so does the clock start running now?
There is no definitive time frame for conveyancing in Longhope. Conveyancing is subject to many variable. Longhope conveyancing searches alone could take some weeks to come back.