My fiance and I are hoping to buy a flat in Sunderland and have instructed a Sunderland conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Bank of Ireland have this morning contacted us to advise us that they have now hit a problem as our Sunderland conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property requiring a mortgage it is usual for the purchasers' lawyers 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Sunderland 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.
Having spent time reviewing consumer advice sites for a recommended solicitor in Sunderland, most comment that I must look for a CQS accredited lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home moving process, trusted by some of the UK's biggest lenders. Four years ago the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). CQS is not a scheme offered by the Society for Licensed Conveyancers. Sunderland is one of the numerous areas in England and Wales where there are CQS solicitors.
My bid for a property was accepted at auction in Sunderland. Conveyancing is needed. What happens now?
Having to all intents and purposes signed on the dotted line you should appoint a conveyancing lawyer soon as you will have a pending a drop dead date to complete the deal. An auction property should have a corresponding legal pack. This should include evidence of title and search results. Where you are dealing with leasehold premises the legal pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You must pass this on to the solicitor instructed by you ASAP. You also need to ensure that you have funds in order to complete the transaction on the set completion date.
I can not fathom if my bank requires a lease extension. I have called into my local Sunderland building society branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Sunderland conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend based on their specific requirements. I simply don't know who is right.
Provided that the property lawyer is on the lender panel, they must comply with the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I was told three weeks ago that my mortgage has been agreed to by Santander. Is it usual for Santander to only issue the offer once my solicitor in Sunderland is approved on their conveyancing panel? Santander have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Santander to deal with your lawyer's application to be on the Santander conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Sunderland differ for new build properties?
Most buyers of new build property in Sunderland approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Sunderland usually purchase the real estate, 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 conveyancing solicitors 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 Sunderland or who has acted in the same development.
Given that I will soon part with £400,000 on 3 bedroom house in Sunderland I would like to talk to a solicitor about myconveyancing prior to giving the go ahead to the firm. Is this something that you can arrange?
We could not agree more - it is our preference to talk to you we do not take any clients on without you liaising with the conveyancer who will be carrying out your conveyancing in Sunderland.There is no ‘factory style conveyancing’ - every client is unique individual, not a case reference. The solicitors that we put you in touch with believe that the fees you are provided with for residential conveyancing in Sunderland should be the figure that you are charged.
My cousin has urged me to use his conveyancers in Sunderland. Should I find my own property lawyer?
No doubt the best way to choose a conveyancing lawyer is to have referrals from friends or family who have actually used the conveyancer you're considering.