My husband and I are planning to buy a flat in Worcestershire and are in fact using a Worcestershire conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. The Mortgage Works have this evening contacted us to inform me that there is now an issue as our Worcestershire lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual 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 Quality Scheme. Your solicitor should contact your mortgage company 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 bank's conveyancing panel as you are at liberty to use your preferred Worcestershire lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Worcestershire?
Two types of professional can execute conveyancing in Worcestershire namely CLC regulated conveyancers or solicitors. Both professionals provide conveyancing services that required to complete the sale or purchase of property. They are both duty bound to handle Worcestershire conveyancing on similar quality and guidelines so you may be sure that your conveyancing will be professionally administered and that the necessary procedures will be appropriately attended to.
When it comes to mortgage companies such as Clydesdale, do Worcestershire property lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
How can we know in advance if a Worcestershire conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Worcestershire seeking recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer handling your conveyancing.
How does conveyancing in Worcestershire differ for newly converted properties?
Most buyers of new build premises in Worcestershire come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Worcestershire typically 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 conveyancing solicitors 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 Worcestershire or who has acted in the same development.
I have been recommended by a few selling agents in Worcestershire to locate a solicitor on your site. Is there a financial inducement for Estate Agents to promote your services over alternative conveyancing organisations?
We refuse to give any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
What is the reason for new build conveyancing in Worcestershire being more expensive?
Purchasing a new build home is significantly different from the standard house purchase conveyancing in Worcestershire. For a start housebuilders usually require contracts to exchange inside a short timeframe, so there is a a great deal of pressure on your property lawyer to make sure all is in order. In addition new build properties often involve examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Mortgage lender obligations are also more detailed. Given the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.