My husband and I are looking to acquire a home in Sawtry and have appointed a Sawtry conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Godiva Mortgages Ltd have this evening contacted us to advise us that they have now hit a problem as our Sawtry conveyancer 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 normal for the purchasers' lawyers to also represent 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Sawtry lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
What is the first thing I need to know regarding purchase conveyancing in Sawtry?
Not many law firms shout this from the rooftops but conveyancing in Sawtry and elsewhere in England and Wales is an adversarial experience. In other words, when it comes to conveyancing there exists plenty of opportunity for friction between you and other parties involved in the ownership transfer. For example, the seller, estate agent and on occasion a mortgage company. Choosing a law firm for your conveyancing in Sawtry an important selection as your conveyancer is your adviser, and is the ONLY party in the legal process whose interest is to protect your best interests and to protect you.
There is a worrying ongoing adversarial element to conveyancing- someone must be blamed for the process being so protracted. We recommend that you your first instinct should be to trust your conveyancer above the other players when it comes to the legal assignment of property.
Do the Building Society Association intend to launch a search tool with a view to to identify practices on the Earl Shilton BS conveyancing panel for instance in Sawtry?
Lexsure has not been advised of any intention on the part of the BSA to develop such a register.
How does conveyancing in Sawtry differ for new build properties?
Most buyers of new build property in Sawtry come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Sawtry typically purchase the land, 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 property lawyers 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 accustomed to new build conveyancing in Sawtry or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Sawtry is the location of the property. Can you offer any guidance?
Flying freeholds in Sawtry are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Sawtry you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sawtry may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have noted on numerous online forums that before selecting a conveyancing lawyer they need approved by your mortgage company. I am novice purchaser but I have an AIP from Halifax and I already have a bricks and morter conveyancing solicitor in Sawtry on standby. Will HSBC need an approved solicitor to be instructed? Does a directory of approved solicitors even exist for my conveyancing in Sawtry?
You should use a solicitor that is on the HSBC panel. Just call your preferred Sawtry conveyancing solicitor to check if they are on the HSBC panel. If they are not approved you have a number of choices open to you here:
- Proceed with your existing Sawtry property lawyer but HSBC will undoubtedly instruct a conveyancing practitioner from their approved list. The net impact is additional fees together with potential interruption.
- Get a new conveyancing practitioner to act in the purchase, ensuring that they are on the HSBC conveyancing panel.
- Convince your lawyer to do everything within their powers to get accepted on the HSBC panel of solicitors.