My husband and I are hoping to acquire a property in Orpington and have instructed a Orpington conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Aldermore have this afternoon contacted us to advise us that there is now an issue as our Orpington conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional 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 Accreditation Scheme. Your solicitor 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 Orpington solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am purchasing a terraced house in Orpington. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Orpington you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Orpington.
Should my conveyancer be raising enquiries about flooding during the conveyancing in Orpington.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Orpington. There are those who buy a house in Orpington, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a numerous checks that may be carried out by the buyer or by their conveyancers which will give them a better understanding of the risks in Orpington. The standard property information forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual question of the seller to discover whether the property has suffered from flooding. In the event that the premises has been flooded in past which is not revealed by the owner, then a purchaser may commence a legal claim for losses resulting from an incorrect response. A buyer’s conveyancers should also order an enviro report. This should reveal whether there is a recorded flood risk. If so, more detailed inquiries should be made.
I decided to have a survey done on a property in Orpington before appointing conveyancers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies tend refuse to grant a mortgage on such a premises.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Orpington. Conveyancing may be slightly more expensive based on your lender's requirements.
I was informed by my lender that their panel lawyers operate no sale no fee basis for conveyancing in Orpington. I had a purchase abort nevertheless the conveyancers want search fees! They say the fees are seperate!
Orpington conveyancing search costs are separate expenses not legal fees as these are payable to independent parties.