My wife and I are looking to buy a flat in Mancot and are in fact using a Mancot conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Halifax have this evening contacted us to advise us that they have now hit a problem as our Mancot solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property needing a mortgage it is usual 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 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 as you are at liberty to use your preferred Mancot lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
When will exchange of contracts occur in sale conveyancing in Mancot and do I need to be at the lawyers office?
Where you are in close proximity to one of the conveyancing solicitors in Mancot you are invited in to sign documents. That being said, the firms we work with provide a national conveyancing service and give just as diligent and professional a job for you when communicating with you electronically. The executing of the contract is not when everything is set in stone. A signed contract is just a prerequisite for the firm to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Mancot)to be in the office at the appropriate time.
Are all Mancot Conveyancing Quality Solicitors on the Aldermore conveyancing panel?
A selection of banks and building societies now make use of CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
The mortgage over my property is with TSB for my property in Mancot. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform TSB?
Your original mortgage agreement with TSB will provide that you need their approval prior to letting out your property as this is likely to be a breach of TSB’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. You need not do this via a TSB conveyancing panel firm.
Lloyds have agreed my mortgage in principle, my bid on a apartment in Mancot has been agreed to, now what?
Your estate agent will want to be advised as to your conveyancing practitioner's details (make sure the conveyancing practitioners are on the bank’s approved list). Contact Lloyds or your broker and complete any relevant documentation. Lloyds will appoint a valuer who will get in touch with the selling agent or seller to book a time for the valuation to occur. Once conducted (assuming no problems) it takes about a fortnight to receive the mortgage offer. Lloyds will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Mancot.
I require fast conveyancing in Mancot as I am under pressure to complete within 2 weeks. Thankfully I do not require a mortgage. Can I escape the need for conveyancing searches to save fees and time?
If.Given you are not obtaining a mortgage you are at free not to have searches conducted although no lawyer would recommend that you don't. Drawing on years of experience of conveyancing in Mancot the following are instances of what can appear and adversely affect market value: Refused Planning Applications, Overdue Fees, Overdue Grants, Road Schemes,...
I have recentlyfound out that Wolstenholmes have closed. They carried out my conveyancing in Mancot for a purchase of a leasehold apartment 9 months ago. How can I check that the property is in my name in the name of the previous owner?
The quickest method to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Mancot conveyancing specialists.
How does conveyancing in Mancot differ for newly converted properties?
Most buyers of new build premises in Mancot contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because house builders in Mancot usually acquire the site, 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 Mancot or who has acted in the same development.