My partner and I are planning to acquire a home in Shaftesbury and have instructed a Shaftesbury conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Chelsea Building Society have this afternoon contacted us to advise us that there is now an issue as our Shaftesbury solicitor is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also represent 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 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 solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Shaftesbury lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I purchased my flat on 8 April and my personal details is yet to be registered. Any reason for this? My conveyancing solicitor in Shaftesbury advises it should be registered in a couple of weeks. Are properties in Shaftesbury uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Shaftesbury registration formalities. Rather than based on location, timeframes can vary depending on who lodges the application, whether there are errors and if the Land registry have to notify any interested parties. As of today approximately 80% of such applications are completed in less than three weeks but occasionally there can be protracted delays. Registration is effected after the buyer is living at the property thus 'speed' is not usually top priority but if there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
The estate agent has sent us the confirmation of our purchase of a new build flat in Shaftesbury. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Shaftesbury
The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
My step-father has recommend that I use his conveyancing solicitors in Shaftesbury. Do I take his guidance?
Much as we are happy to recommend a Shaftesbury conveyancing lawyer it’s preferable to find a conveyancing solicitor is to have guidance from friends or family who have used the conveyancer you're are thinking of instructing.
My son is about to join the property ladder, the home loan was agreed last week in principle. When the offer was accepted on house we contacted the mortgage company to move forward with his. I was very surprised to hear that mortgage lenders do not accept all conveyancing practitioner, they must be on their panel, is this right?
Lenders ordinarily restrict either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Shaftesbury conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.