Me and my fiance are purchasing a 3 bedroom apartment in Thame with a mortgage. We wish to retain our Thame solicitor, however the lender says she’s not on their "panel". It seems we have no choice but to use one of the lender panel firms or retain our Thame lawyer and pay for one of their panel firms to represent them. We consider that this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Thame conveyancing solicitor to apply to be on the conveyancing panel.
Please explain the implications if my lawyer’s firm is removed from the Co-operative Solicitor panel ahead of completing my conveyancing in Thame?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
There is lots of information on this site regarding conveyancing in Thame but can you isolate your top tip for choosing the right conveyancer in Thame
Do not opt for the lowest Thame conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. 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.
We expect to receive a AIP from Clydesdale this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Clydesdale recommend any Thame solicitors on the Clydesdale conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Thame solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
My partner and I are in the process of looking at houses in Thame and I am about to put in an offer. Should I already have a conveyancing practitioner in place at this point? I am planning to take a home loan with Nationwide.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are taking out a mortgage with Nationwide, ask your prospective lawyers if they are on the Nationwide conveyancing panel otherwise they can't do the mortgage legal work.
How does conveyancing in Thame differ for new build properties?
Most buyers of new build property in Thame come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Thame typically buy 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 used to new build conveyancing in Thame or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Thame ahead of appointing conveyancers. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies may not grant a loan on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Thame. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Thame to see if the conveyancing costs will increase in light of this.
I am using a search engine for the phrase on line conveyancing in Thame it brings up many property lawyerslocally. With so much choice what is the best way to find the right property lawyer for purchase transaction?
The best way of finding the right conveyancer is through a trusted recommendation, so ask colleagues and relatives who have acquired a property in Thame or the reputable estate agent or mortgage broker. Costs for conveyancing in Thame vary, so it's advisable to obtain a minimum of four estimates from different companies. Dont forget to clarify that the charges are guaranteed not to escalate.