My partner and I are looking to buy a property in Potswood and have instructed a Potswood conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Barclays have this morning contacted us to advise us that they have now hit a problem as our Potswood lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional 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 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 solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Potswood lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Why do I have to pay up front for conveyancing in Potswood?
Where you are retaining lawyers for conveyancing in Potswood your solicitor will ask you place them with monies to cover the search fees. Normally this is needed to cover the fees of the Local Authority Search. When the down payment is as part of the total price then this should be needed shortly in advance of exchange of contracts. The closing balance that is needed will be payable a few days ahead of the completion date.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Potswood. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 16/4/2019, the requirements read as follows :
What does a local search reveal concerning the house I am purchasing in Potswood?
Potswood conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company for example Searches UK The local search is essential in every Potswood conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search should supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a quick, chain free conveyancing. Potswood is the location of the property. Can you shed any light on this issue?
Flying freeholds in Potswood are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Potswood you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Potswood may ascertain 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.