My partner and I are looking to acquire a home in Bramley and are in fact using a Bramley conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Godiva Mortgages Ltd have this evening contacted us to inform me that there is now an issue as our Bramley solicitor is not on their conveyancing panel. What do we do from here?
Where you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers 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 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Bramley lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am about to exchange buying a house in Bramley but as a consequence of wreckage from the recent storms I have managed to agree reparation from the current proprietors of £2k by way of a reduction in the price. This was going to be addressed as part of the conveyancing process however Coventry BS are not allowing this. Why were they informed?
The property lawyer being on the Coventry BS conveyancing panel is obliged to disclose to Coventry BS of any changes to the sale price. If you prohibit your conveyancing practitioner to notify the reduction to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new property lawyer for your conveyancing in Bramley.
Two weeks ago we had a mortgage agreed in principle with Lloyds. Bramley conveyancing practitioners were instructed. How long does it take for Lloyds to issue the offer to the lawyer?
There is no definitive answer here. Have Lloyds done the survey? Have you informed Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have decided to exercise my right to buy my property in Bramley off the council. I have a mortgage agreed with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Bramley bank branch on a couple of occasions and was told it wasn't a problem and they will lend. My Bramley conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their specific requirements. Who do I believe?
As long as the solicitor is on the mortgage company panel, they must adhere to the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
How does conveyancing in Bramley differ for newly converted properties?
Most buyers of new build property in Bramley contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Bramley typically purchase the land, 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 Bramley or who has acted in the same development.
My partner and I intend to buy our first property in Bramley. Conveyancing solicitor has been chosen. The broker advised that a survey is not needed as the property is only 17 years old.
You would be well advised to take a Home Buyer's Report. Given the property was built more than a decade ago the property will not benefit from a warranty, so you don't want to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report could suffice. They will highlight any obvious issues and suggest further investigation if appropriate. Where there are any signs of material issues obtain a full Building Survey from the beginning.