My fiance and I are planning to acquire a house in Stoke Bishop and have appointed a Stoke Bishop conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Santander have this evening contacted us to inform me that they have now hit a problem as our Stoke Bishop lawyer 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Stoke Bishop 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.
When will exchange of contracts occur in sale conveyancing in Stoke Bishop and am I required to attend the lawyers office?
If you are in close proximity to our conveyancing solicitors in Stoke Bishop you are invited in to sign contracts. However, the law practices we recommend offer a countrywide conveyancing service and provide as equally comprehensive and professional a job for you when communicating with you electronically. The executing of the property agreement is not when everything is set in stone. A signed contract is just a prerequisite for the firm to address the formalities when the time is right, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Stoke Bishop)to be in the office available at the end of the phone to exchange contracts.
Will commercial conveyancing searches reveal impending roadworks that may impact a commercial site in Stoke Bishop?
Many commercial conveyancing solicitors in Stoke Bishop will perform a SiteSolutions Highways report as it reduces the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Stoke Bishop. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Stoke Bishop.
For each commercial conveyancing transaction in Stoke Bishop it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Stoke Bishop commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not conducted for residential conveyancing in Stoke Bishop.
How does conveyancing in Stoke Bishop differ for newly converted properties?
Most buyers of new build premises in Stoke Bishop contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in Stoke Bishop tend to purchase the site, 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 used to new build conveyancing in Stoke Bishop or who has acted in the same development.
I need to find a conveyancing solicitor for purchase conveyancing in Stoke Bishop. I happened to chance upon a site which looks to be the ideal offering If there is a chance to get all formalities done via phone that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
My friend mentioned that before selecting a conveyancing solicitors they need approved by your lender. It happens to be my first house move but I have an AIP from Nat West Bank and I already have a family conveyancing solicitor in Stoke Bishop in place. Does Virgin Money require an approved solicitor to be selected? Does a list of approved solicitors even exist for my conveyancing in Stoke Bishop?
You need to instruct a solicitor that is on the Virgin Money panel. Just call your chosen Stoke Bishop conveyancing lawyer to check if they are on the Virgin Money panel. If they are not on the panel you have numerous options open to you here:
- Complete the purchase with your existing Stoke Bishop solicitor but Virgin Money will undoubtedly instruct a conveyancer on their conveyancing panel. The net result is additional cost and likely frustration.
- Appoint a fresh solicitor to conduct the conveyancing, obviously checking they are on the Virgin Money conveyancing panel.
- Convince your lawyer to do everything possible to join the Virgin Money conveyancing panel.