My wife and I are hoping to purchase a property in Hollywood and are in fact using a Hollywood conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Coventry Building Society have this evening contacted us to advise us that there is now an issue as our Hollywood lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also act for 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Hollywood solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Can conveyancing in Hollywood to be finalised inside a month?
In the event that the seller is applying pressure for your conveyancing it is highly recommended that your conveyancer is familiar with the location as they will make use of local contacts and know-how. It is possible that they would have handled previousproperties in the same street. Therefore consider using a Hollywood conveyancing lawyer. Second, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is said that just under twenty per cent of Hollywood conveyancing deals are suspended or jeopardised after discovering a buyer’s conveyancer was not on their mortgage lender’s panel. This can often result in the transaction being delayed by as much as three weeks. It is estimated that this issue impacts in the region of 100,000 home sales every year. Almost all Hollywood conveyancing firms can not act for certain mortgage companies so do check at the outset.
I am expecting a OIP from RBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any Hollywood solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Hollywood solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
Completion of my remortgage has taken place for my property in Hollywood. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I have finally had an offer on a maisonette in Hollywood agreed to, but there is a chain. The sellers have offered on on an apartment, however it’s not yet agreed to, and have viewings of other properties in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Hollywood. What should be my next step? At what stage should I apply for the mortgage with TSB?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then valuation, Hollywood conveyancing search fees, etc). The first course of action is to check that your conveyancing practitioner is on the TSB conveyancing panel. As to the next stages this very much dictated by the uniqueness of your case, motivation for this property and on the state of the market. In a rising market some buyers would apply for a home loan with TSB and arrange for the valuation and only if it was satisfactory would they ask their property lawyer to press on with the conveyancing in Hollywood.
I am purchasing a house and the conveyancer has identified Chancel Repair for which the property could be obligated to pay as it falls into the area of such a church. He has recommended insurance. Is this strictly warranted for conveyancing in Hollywood
Unless a previous acquisition of the house took place post 12 October 2013 you may assume that solicitors conducting conveyancing in Hollywood to continue to propose a a chancel search and or chancel repair liability policy.
I decided to have a survey done on a property in Hollywood ahead of retaining lawyers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some banks will not issue a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to telephone us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hollywood. Conveyancing may be slightly more expensive based on your lender's requirements.