My fiance and I are planning to acquire a property in Bingley and are in fact using a Bingley conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. The Mortgage Works have this afternoon contacted us to advise us that they have now hit a problem as our Bingley lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance 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 solicitor 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 and you may continue to use your own Bingley solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
How up to date is your search tool for Bingley conveyancing solicitors on the Virgin Money conveyancing panel? Do Virgin Money send you an updated list?
Bingley conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
How does conveyancing in Bingley differ for newly converted properties?
Most buyers of new build or newly converted property in Bingley contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Bingley tend to 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 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 Bingley or who has acted in the same development.
Given that I am about to spend over three hundred thousand on a terraced house in Bingley I wish to have a conversation with the conveyancer concerning theconveyancing in advance of giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer who will be conducting your property ownership legalities in Bingley.There is no ‘factory style conveyancing’ - each client is an important individual, not a matter reference. The law firms that we put you in touch with believe that the figure you are provided with for your conveyancing in Bingley should be the figure that you are charged.
Please can you clarify what my options are where my Bingley conveyancing searches reveals adverse entries?
Ordinarily, most issues arising from Bingley conveyancing search results can be dealt with in advance of completion or title insurance could possibly be put in place. It is important to remember that even though you intend on acquiring the property and may be content to live with the search results, your lender may not, and ultimately have the final decision.