I am not in a position to travel far from Ollerton. Is there a reason why all Ollerton property lawyers aren't automatically on all mortgage company panels?
Pre- 2008 most banks exhibited an approach to risk which is different than today. The FSA in 2010 conducted a thematic review into fraud which in summary warned lenders: know the conveyancers on your panel. As a result, lenders have subsequently looked to extract more data from law firms concerning their operations and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Thousands of firms have found themselves removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the minimum amount of transactions the mortgage companies required.
When looking at consumer advice sites for a recommended lawyer in Ollerton, many post that I must use a CQS kitemarked solicitor. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to prudent and efficient conveyancing procedures via the scheme protocol Membership covers numerous organisations who conduct conveyancing in Ollerton.
I had a mortgage agreed in principle with Clydesdale. Ollerton conveyancing lawyers were instructed. How long does it take for Clydesdale to forward the offer to the lawyer?
Some lenders take longer than others. Have Clydesdale done the valuation? Have you informed Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We have agreed to purchase a house in Ollerton. A rare aspect is that the roof has a solar panel. Nationwide 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 your lender is Nationwide your lawyer must check the formal instructions outlined in Part 2 of UK Finance Lenders’ Handbook for Nationwide. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Nationwide where a lease does not satisfy these specifications. The specifications relate to the installation of panels on properties nationwide and is not restricted to Ollerton.
At last I have had an offer on a flat in Ollerton agreed to, the sellers do nevertheless have a connected purchase. The vendors have placed an offer on a flat, however it’s not been accepted yet, and have viewings of other flats in the pipeline. I have chosen a nearby conveyancing solicitor in Ollerton. What do I do now? At what stage do I apply for the mortgage with TSB?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then valuation, Ollerton conveyancing search fees, etc). First, you must check that your property lawyer is on the TSB approved list. Regarding the next phase this very much depends on the circumstances of your transaction, motivation for this property and on the state of the market. In a hot market the majority of purchasers would apply for a home loan with TSB and pay for the valuation and only if it comes back ok would they request their lawyer to proceed with the conveyancing in Ollerton.
How does conveyancing in Ollerton differ for new build properties?
Most buyers of new build or newly converted property in Ollerton contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is completed. This is because builders in Ollerton usually buy 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 used to new build conveyancing in Ollerton or who has acted in the same development.
We are 3 weeks into a residential purchase having been referred to solicitors by the selling agent to do our conveyancing in Ollerton. I am am starting to be disappointed with the quality of service. Can you help me find new conveyancers?
A solicitor would have to be really bad to suggest replacing them. Has your loan offer been issued? If so you must make them aware of the new contact details and have the loan are re-issued. The conveyancer needs to be on the lenders panel to avoid escalating costs and complications. That should be your first question of the new conveyancers. The find a solicitor tool will help you find a bank approved solicitor for your conveyancing in Ollerton