My wife and I are planning to purchase a home in Olney and have instructed a Olney conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Leeds Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Olney conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is normal for the purchasers' solicitors 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 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 lender’s conveyancing panel and you may continue to use your own Olney solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We are purchasing our first property. The lawyer has contact usto see if we would like to take out supplemental conveyancing searches. Unfortunately we have no idea as to what's appropriate for conveyancing in Olney
The quantity and type of Olney conveyancing searches depends entirely on the premises, the location, the possibility of any of these risks, your knowledge of the locality and risks, your general approach to risk. What is important is that you adequately appreciate what information each search could give you. Then you can decide if you consider that you need that search. If unsure, ask the lawyer to provide guidance.
I require quick conveyancing in Olney as I have pressure to exchange contracts in less than one month. Fortunately I do not require a mortgage. Can I decline from having conveyancing searches to save money and time?
As you are are a cash purchaser you are at free not to do searches although no law firm would suggest that you don't. With lots of history conveyancing in Olney the following are examples of issues that can arise and therefore impact the marketability of the property: Refused Planning Applications, Overdue Charges, Outstanding Grants, Railway Schemes,...
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Olney is where the house is located. Is there any advice you can give?
Flying freeholds in Olney are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Olney you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Olney may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am thinking of appointing a conveyancing solicitor in Olney for my house move. Is there any facility to check a solicitor's complaints history with the legal regulator?
You can search for presented Solicitor Regulator Association (SRA) decisions arising from investigations from 2008 onwards. Go to Check a solicitor's record. To find information Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The SRA could recorded call for training requirements.