My fiance and I are planning to purchase a house in Rowen and have appointed a Rowen conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Chelsea Building Society have this afternoon contacted us to inform me that there is now an issue as our Rowen solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors 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 mortgage company 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 Rowen lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
As I am unsure how the conveyancing process works what is the most important advice you can impart regarding purchase conveyancing in Rowen?
Not many law firms shout this from the rooftops but conveyancing in Rowen or throughout Conwy is often a confrontational process. In other words, when it comes to conveyancing there is plenty of room for conflict between you and others involved in the ownership transfer. For example, the vendor, selling agent and on occasion a bank. Appointing a solicitor for your conveyancing in Rowen an important selection as your conveyancer is your adviser, and is the ONLY party in the process whose role it is to protect your legal interests and to keep you safe.
Every so often a third party with a vested interest may try and sway you that you should follow their advice. For instance, the estate agent may claim to be helping by claiming that your conveyancer is wrong. Or your mortgage broker may advise you to do take action that is contrary to your conveyancers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
My stepmother informed me that in purchasing a property in Rowen there could be a number of restrictions preventing external alterations to the property. Is this right?
There are a number of properties in Rowen which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Rowen should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Two weeks ago we had a mortgage agreed in principle with RBS. Rowen conveyancing solicitors have been instructed. What is the average time that one could expect to receive a mortgage offer from RBS?
Some lenders take longer than others. Have RBS completed the valuation? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am currently in the process of buying my council flat in Rowen. I have a mortgage offer with Co-operative. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
I have been told that property searches are the number one reason for obstruction in Rowen house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Rowen.
I have todayfound out that Wolstenholmes have been shut down. They carried out my conveyancing in Rowen for a purchase of a freehold house 12 months ago. How can I check that the property is in my name in the name of the former proprietor?
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 Rowen conveyancing specialists.
Due to the encouragement of my in-laws I had a survey completed on a property in Rowen ahead of retaining solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies tend refuse to grant a loan on this type of property.
It varies from the lender to lender. HSBC has different requirements from Halifax. If you contact us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Rowen. Conveyancing will be smoother if you use a solicitor in Rowen especially if they are acquainted with such properties in Rowen.