My partner and I are looking to purchase a home in Cotswolds and have appointed a Cotswolds conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Chelsea Building Society have this afternoon contacted us to advise us that there is now an issue as our Cotswolds solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property requiring a mortgage it is conventional 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 Accreditation 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Cotswolds solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Can the conveyancing solicitors identified via your search tool perform conveyancing in Cotswolds by way of an attended exchange?
There are a few conveyancing experts carrying out 24hr exchanges. You should e-mail us to secure a costs illustration and details as to availability.
If you had a top tip for selecting a conveyancing solicitor in Cotswolds what would it be?
Do not opt for the cheapest Cotswolds conveyancing costs illustration. 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 ahead of the deal.
Are all Cotswolds Conveyancing Quality Solicitors on the Kent Reliance conveyancing panel?
Some major lenders now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
Two weeks ago we had a mortgage agreed in principle with Bank of Ireland. Cotswolds conveyancing lawyers are selected. How long does it take for Bank of Ireland to forward the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Bank of Ireland done the valuation? Have you informed Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We are selling our home in Cotswolds and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. A local lawyer would know that there is no such problem. It does beg the question why the buyers used a national conveyancing practice as opposed to a conveyancing solicitor in Cotswolds. Having lived in Cotswolds for three years we know that this is a non issue. Should we get in touch with our local Authority to get clarification need.
It would appear that you have a conveyancing lawyer already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I'm remortgaging my current home to a BTL loan with Barclays Direct and I will use the ballance of the raised equity towards a second house. The location we are looking at is Cotswolds. Will your solicitors be able to act for the two lenders and tie in the two deals?
Make use of our comparison tool on this site to check that the lawyers are approved by both banks. Assuming that they are the lawyer will be able to simultaneously deal with the two conveyancing matters but you should have a chat with you lawyer and specify your desired outcome and requirements.