My wife and I are hoping to acquire a property in Scotter and have instructed a Scotter conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Lloyds TSB Bank have this afternoon contacted us to advise us that there is now an issue as our Scotter lawyer is not on their conveyancing panel. What do we do from here?
If you are buying a property needing a mortgage it is normal 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 bank 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Scotter 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.
My bank has recommended solicitors on their panel based in Scotter but I would rather choose a conveyancing lawyer in Scotter round the corner to me. Are you able to help?
It is by no means the case that all Scotter conveyancing practitioners are listed all banks conveyancing panel. Use the above search tool to identify a Scotter conveyancing conveyancer on the on the lender panel.
I am buying a house and the solicitor has referenced Chancel Repair for which the house could be obligated to contribute to given it’s proximity to the area of such a church. She has suggested insurance. Is this strictly necessary for conveyancing in Scotter
Unless a prior acquisition of the premises completed after 12 October 2013 you may assume that lawyers conducting conveyancing in Scotter to continue to advocate a chancel search and or chancel repair liability insurance.
How does conveyancing in Scotter differ for new build properties?
Most buyers of new build premises in Scotter approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is finished. This is because developers in Scotter tend to acquire 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 conveyancers 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 accustomed to new build conveyancing in Scotter or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Scotter is the location of the property. Is there any advice you can give?
Flying freeholds in Scotter are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Scotter you must be sure that your lawyer goes 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 Scotter may decide 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 property.