My wife and I are looking to acquire a home in Otley and are in fact using a Otley conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Bank of Scotland have this afternoon contacted us to advise us that they have now hit a problem as our Otley solicitor is not on their approved list of lawyers. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is usual 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 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Otley lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
When will exchange of contracts take place for residential conveyancing in Otley and do I need to be at the lawyers branch?
If you are in close proximity to one of the conveyancing solicitors in Otley you are welcome to attend to sign contracts. That being said, the firms we recommend supply countrywide coverage for conveyancing and provide as equally detailed and professional a job for you when dealing with you digitally. The signing of the contract is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the conveyancer to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Otley)to be in the office available at the end of the phone to exchange contracts.
We're in Otley, First timers purchasing with a mortgage (lender is Skipton , and our lawyer is on the Skipton conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Skipton conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
When it comes to mortgage companies such as Nottingham, do Otley conveyancing practitioners incur an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Can you point me to a directory of Santander panel solicitors in Otley on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. A small selection of banks make their panel listings available on the web. If you are seeking to appoint a Otley property lawyer on the Santander please use our facility.
Two weeks ago we had a mortgage agreed in principle with Nationwide. Otley conveyancing practitioners have been chosen. How long does it take for Nationwide to send the offer to the property lawyer?
Some lenders take longer than others. Have Nationwide conducted the valuation? Have you advised Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I used Action Conveyancing several years ago for my conveyancing in Otley. I now require my papers however the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Otley of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Is it best to use a Otley conveyancing solicitor in close proximity to the house I am purchasing? I have an old university friend who can handle the legal formalities however they are based 300kilometers away.
The primary upside of using a local Otley conveyancing practice is that you can attend the office to execute paperwork, present your ID and pester them if necessary. They will also have local knowledge which is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were content that should outweigh using an unknown Otley conveyancing lawyer just because they are based in the area.