My wife and I are planning to buy a property in Rise Park and are in fact using a Rise Park conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Clydesdale have this afternoon contacted us to inform me that they have now hit a problem as our Rise Park solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent 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 lender 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Rise Park solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
The Rise Park conveyancing firm handling our Rise Park conveyancing has identified an inconsistency when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he is obliged to ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action right?
Your solicitor must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I just acquired a property at auction in Rise Park. Conveyancing is required. What happens now?
Given that you are now exchanged you should appoint a conveyancing solicitor quickly as you now have a fast approaching a fixed date to complete the deal. An auction property should have an associated auction set of papers. This should include evidence of title and search results. If you have purchased leasehold premises the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You must hand this to the solicitor instructed by you as soon as possible. Do make sure that you have funds organised to complete on the on the contractual date .
My fiancee and I are in the process of viewing houses in Rise Park and I am now considering a potential offer. Should I already have a property lawyer appointed at this stage? I will be getting a home loan with Coventry BS.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. Given that you are getting a mortgage with Coventry BS, make sure you remember to check that your lawyer is on the Coventry BS conveyancing panel.
The formalities of my purchase has taken place for my property in Rise Park. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
Should my solicitor be asking questions regarding flooding during the conveyancing in Rise Park.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Rise Park. Plenty of people will acquire a house in Rise Park, completely 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, suitable insurance cover, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, but there are a numerous checks that may be carried out by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Rise Park. The standard property information forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to determine if the premises has ever been flooded. In the event that flooding has previously occurred which is not revealed by the seller, then a buyer could issue a legal claim for losses resulting from an incorrect response. A buyer’s conveyancers should also conduct an environmental search. This should disclose if there is a recorded flood risk. If so, further investigations will need to be initiated.
I decided to have a survey carried out on a house in Rise Park before appointing conveyancers. I have been advised that there is a flying freehold element to the house. The surveyor advised that some mortgage companies will refuse to give a loan on such a premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Rise Park. Conveyancing may be slightly more expensive based on your lender's requirements.
In scouring the web for the words conveyancing in Rise Park it reveals many conveyancerslocally. With so much choice what is the best way to find the suitable property lawyer for my move?
The best way of choosing a suitable conveyancer is through a trusted referral, so seek the guidance of friends and family who have acquired a property in Rise Park or the reputable estate agent or mortgage broker. Fees for conveyancing in Rise Park differ, so it's sensible to secure a minimum of three estimates from different law firms. Make sure that you clarify that the fees are fixed.