My wife and I are planning to buy a property in Trowbridge and have appointed a Trowbridge conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Ireland have this evening contacted us to advise us that there is now an issue as our Trowbridge solicitor 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' solicitors 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 mortgage company 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 Trowbridge lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Can the conveyancing lawyers identified via your search tool perform conveyancing in Trowbridge by way of an attended exchange?
We do have a number of conveyancing specialists carrying out personalised exchanges. Do call us to get a fee calculation and details as to dates.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Trowbridge. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 18/12/2024, the requirements read as follows :
What can a local search tell me regarding the property we're purchasing in Trowbridge?
Trowbridge conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for instance Onsearch The local search plays an important role in most Trowbridge conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search should provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I'm buying a new build house in Trowbridge benefiting from help to buy. The developers refused to budge the price so I negotiated 6k of additionals instead. The estate agent told me not to tell my conveyancer about the deal as it will affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Our lawyer in Trowbridge has discovered a defect with the lease for the apartment we are purchasing in Trowbridge. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Trowbridge conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. The appropriate lender requirements have to be complied with by the lender conveyancing panel who has to balance acting for you and the lender