My fiance and I are looking to buy a home in Bow and have appointed a Bow conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Coventry Building Society have this evening contacted us to inform me that there is now an issue as our Bow lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of 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 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Bow solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
When can the exchange of contracts happen for domestic conveyancing in Bow and am I required to attend the solicitors branch?
Where you are in close proximity to one of the conveyancing solicitors in Bow you are invited in to sign the paperwork. However, the lender approved solicitors we recommend supply a national conveyancing service and give as equally diligent and professional a job for you when dealing with you electronically. The executing of the contract is not the point of no return. Signing on the dotted line is just a prerequisite for the conveyancer to exchange contracts at the appropriate time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Bow)to be in the office available at the end of the phone to exchange contracts.
We just had an offer accepted to purchase with Earl Shilton BS. We have called around locally but cant to find a Bow conveyancing firm on the Earl Shilton BS panel. Could you help?
Please do take advantage of the search tool on this web page. Pick the mortgage company and type Bow or your location and you will be presented with numerous solicitors offices in Bow or near you.
There is lots of here regarding conveyancing in Bow but what is your top tip for selecting the right conveyancer in Bow
It would be unwise to be swayed by the lowest Bow conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
When it comes to mortgage companies such as RBS, do Bow conveyancers incur an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We have agreed to purchase a house in Bow. An unusual aspect is that the roof has a solar panel. HSBC have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with HSBC your lawyer must check the conveyancing instructions contained in Part 2 of UK Finance Lenders’ Handbook for HSBC. The CML Handbook includes minimum provisions for solar panel roof-space leases, and lawyers are required to report to HSBC where a lease fails to satisfy these specifications. The specifications relate to the installation of panels on properties in England and Wales and is not limited to Bow.
I have just placed an offer on a leasehold flat in Bow and the mortgage adviser that we are using suggested his lawyer. They quoted nine hundred pounds including VAT and disbursements. Does this sound reasonable?
Don't just go on one quote. You should obtain like-for-like quotes for your conveyancing in Bow. Then select one that you trust and crucially, is on the approved list of the mortgage company that you have applied for a mortgage from.