My wife and I are looking to buy a house in Ilfracombe and have appointed a Ilfracombe conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Birmingham Midshires have this morning contacted us to advise us that there is now an issue as our Ilfracombe conveyancer is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance of a mortgage it is standard for the purchasers' solicitors 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 solicitor 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 and you may continue to use your own Ilfracombe solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
What is the difference between a licensed conveyancer and conveyancing solicitor in Ilfracombe
There are many registered licenced Conveyancers in Ilfracombe and Solicitor practices in Ilfracombe offering conveyancing We would stress that both are regulated professionals specialising in the legal aspects of the home buying process. The two can deal with other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Are all Ilfracombe Conveyancing Quality Solicitors on the Lloyds conveyancing panel?
Some major banks and building societies 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. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Ilfracombe building society branch on numerous occasions and was informed it wasn't an issue and they would lend. My Ilfracombe conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their specific requirements. Who do I believe?
The conveyancing practitioner has to comply with the CML Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
My partner and I are downsizing from our property in Ilfracombe and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. Any high street Ilfracombe lawyer would know this is not the case. For the life of me I don't know why the purchasers used a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Ilfracombe. We have lived in Ilfracombe for 5 years we know of no issue. Do we get in touch with our local Authority to seek confirmation need.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You should enquire of 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 ailment)
My wife and I purchased a terraced Edwardian property in Ilfracombe. Conveyancing lawyer represented me and Nationwide Building Society. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold with the exact same property. Is it worth asking Nationwide Building Society to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ilfracombe and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with the conveyancing practitioner who conducted the purchase.
How does conveyancing in Ilfracombe differ for new build properties?
Most buyers of new build premises in Ilfracombe come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is finished. This is because developers in Ilfracombe tend to buy 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 conveyancing solicitors 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 Ilfracombe or who has acted in the same development.