My wife and I are looking to buy a property in Bollington and have instructed a Bollington conveyancing firm. 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. Godiva Mortgages Ltd have this morning contacted us to advise us that there is now an issue as our Bollington conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for the mortgage company. 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 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Bollington solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Some advice if I may. My Bollington lawyer is assuring me that she is duty bound toconduct Bollington conveyancing searches due to the fact thatthe firm are on the Nat Westconveyancing panel. These Bollington searches cost a lot of money can this be avoided?
You have limited options available to you. Given that you are taking out a loan with a lender your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Bollington conveyancing searches.
We are planning to acquire a house and require a conveyancing solicitor in Bollington who is on the Virgin Money conveyancing panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Virgin Money . We don't recommend any particular firms conducting conveyancing in Bollington.
Will our solicitor be raising enquiries concerning flooding as part of the conveyancing in Bollington.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Bollington. There are those who purchase a property in Bollington, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, however there are a numerous searches that can be undertaken by the purchaser or by their lawyers which will give them a better appreciation of the risks in Bollington. The conventional set of information supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the vendor to find out if the property has historically flooded. If flooding has previously occurred and is not disclosed by the seller, then a buyer may bring a legal claim for losses as a result of such an misleading response. The buyer’s conveyancers may also carry out an enviro search. This should reveal whether there is any known flood risk. If so, additional inquiries should be initiated.
Is there a difference between surveying and conveyancing in Bollington?
Conveyancing - in Bollington or anywhere in England and Wales - is the legal term given to transferring legal title of property from one person to another. It involves the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are purchasing and will help you find out about the condition of the building and, if there are problems, give you leverage for reducing the price down or asking the seller to fix the problems prior to you move in.