My partner and I are looking to acquire a home in Osterley and have appointed a Osterley conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. TSB have this afternoon contacted us to advise us that they have now hit a problem as our Osterley lawyer is not on their conveyancing panel. What do we do from here?
If you are buying a property needing 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 property lawyer 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 and you may continue to use your own Osterley solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Osterley. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 25/10/2024, the requirements read as follows :
Have just purchased a repossessed house at auction in Osterley. Conveyancing is necessary. What are my next steps?
Given that you are now exchanged you now have to find a conveyancing solicitor as a matter of urgency as you will have a tight deadline in which to complete the conveyancing. An auction property should have an associated legal pack. This will include evidence of title and search results. In the case of leasehold property the conveyancing pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You need to hand this to the conveyancer instructed by you as soon as possible. Do make sure that that you have the requisite funding in order to complete on the on the contractual date .
is it true that all Osterley solicitor practices on the Skipton conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Skipton approved list of solicitors they would need to be governed by the SRA. The majority of lenders do list licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
How can we tell if a Osterley conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in Osterley getting recommendations is a good starting point. 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 advocate that you speak with the lawyer conducting your conveyancing.
I require expedited conveyancing in Osterley as I have an ultimatum to exchange contracts in less than 4 weeks. A mortgage is not required. Is it possible to decline from having conveyancing searches to save fees and time?
As you are not obtaining a home loan you are at free not to have searches carried out although no lawyer would suggest that you don't. Drawing on years of experience of conveyancing in Osterley the following are instances of issues that can be revealed and adversely affect future saleability: Enforcement Notices, Overdue Fees, Outstanding Grants, Road Schemes,...
Is it best to use a Osterley conveyancing solicitor in close proximity to the house I am buying? An old friend can deal with the conveyancing but they are based over three hundred miles away.
The benefit of a high street Osterley conveyancing practice is that you can attend the office to sign documents, present your identification documents and pester them where appropriate. Having local Osterley know how is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and they were content that must trump using an unfamiliar Osterley conveyancing solicitor just because they are based in the area.