My husband and I are planning to purchase a house in South Petherton and are in fact using a South Petherton conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. TSB have this evening contacted us to inform me that there is now an issue as our South Petherton lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance 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 Quality Scheme. Your property lawyer should contact your bank 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 bank's conveyancing panel as you are at liberty to use your preferred South Petherton lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My Solicitor in South Petherton is not on the Godiva Mortgages Ltd Solicitor Panel. Is it possible for me to continue with my family solicitor even though they are not on the Godiva Mortgages Ltd panel of approved conveyancing solicitors?
The limited options open to you here include:
- Carry on with your existing South Petherton solicitors but Godiva Mortgages Ltd will need to instruct a solicitor on their list of acceptable firms. This will result in additional overall legal fees and cause delays.
- Find an alternative solicitor to act in the conveyancing, obviously checking they are on the Godiva Mortgages Ltd panel
There is lots of information on this site concerning conveyancing in South Petherton but what is your top tip for choosing the right conveyancer in South Petherton
We would encourage you not to go for the cheapest South Petherton conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
Is it correct that all South Petherton CQS (Conveyancing Quality Scheme) solicitors are on the Co-operative conveyancing list of approved solicitors?
A selection of lenders now make use of CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.
I was told two weeks ago that my mortgage has been agreed to by Bank of Ireland. Is it usual for Bank of Ireland to only issue the offer once my solicitor in South Petherton is approved on their conveyancing panel? Bank of Ireland have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have been told that property searches are a common reason for obstruction in South Petherton conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in South Petherton.
How straightforward is it to use the search tool to locate a conveyancing lawyer in South Petherton on the authorised to act for my lender?
1st pick a bank such as Barclays , The Mortgage Works or Barclays Direct then choose your location e.g. South Petherton. Conveyancing practices in South Petherton and beyond will then be identified.
We are thinking of instructing a web based property lawyer rather than a South Petherton conveyancing firm. Should I ‘stay local’?
Numerous benefits exist in having the option pop in to a local South Petherton conveyancing solicitor for example
- signing documents and and when necessary
- sometimes being able to speak to someone face-to-face can make a huge difference, particularly for non-standard transactions
- the ability to complain if matters need to addressed
When analysing fees, look carefully for hidden extras. Most decent South Petherton high street solicitors give an all-inclusive price. Many online agents appear to offer cheap fees, but have hidden 'extras' in the small print.