My partner and I are looking to purchase a home in Burnage and are in fact using a Burnage conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Skipton Building Society have this morning contacted us to advise us that there is now an issue as our Burnage solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers 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 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Burnage 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.
How does conveyancing in Burnage differ for new build properties?
Most buyers of new build property in Burnage come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Burnage tend to purchase the site, 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 Burnage or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Burnage in advance of appointing lawyers. I have been informed that there is a flying freehold aspect to the property. The surveyor advised that some banks may not give a loan on this type of premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. Should you wish to call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Burnage. Conveyancing will be smoother if you use a solicitor in Burnage especially if they are acquainted with such properties in Burnage.
I have been pointed in your direction by a couple of local property agents in Burnage to choose a solicitor on your site. What’s the financial inducement for Estate Agents to offer your services over and above another?
We don’t give any commission for directing people to this site. We found it would be just too difficult to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Am I best advised to instruct a Burnage conveyancing practitioner in close proximity to the house I am buying? An old friend can conduct the legal formalities however her office is 400kilometers away.
The primary upside of using a high street Burnage conveyancing practice is that you can pop in to sign paperwork, deliver your identification documents and pester them if necessary. Having local Burnage know how is a bonus. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and on the whole were content that must outweigh using an unfamiliar Burnage conveyancing solicitor solely due to them being round the corner.