My husband and I are planning to purchase a home in Cottesmore and have instructed a Cottesmore conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Leeds Building Society have this evening contacted us to inform me that there is now an issue as our Cottesmore solicitor is not on their approved list of lawyers. 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 Accreditation Scheme. Your property lawyer should contact your lender 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 Cottesmore solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My property lawyer in Cottesmore has never been on on the Britannia Conveyancing Panel. Can I still continue with my family solicitor notwithstanding that they are excluded from the Britannia panel?
Your options are as follows:
- Carry on with your existing Cottesmore solicitors but Britannia will need to retain a conveyancer on their list of acceptable firms. This will result in additional overall conveyancing fees and result in frustration.
- Find a new solicitor to to deal with the purchase, obviously checking they are on the Britannia panel
We are buying a house in Cottesmore. I might seem paranoid but how we can trust a solicitor? On the day of competition we will need to send funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have decided to exercise my right to buy my property in Cottesmore off the council. I have a mortgage offer with Bank of Ireland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
Planning on purchasing a flat in Cottesmore. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Cottesmore lawyer is on the Yorkshire BS conveyancing panel.
How does conveyancing in Cottesmore differ for new build properties?
Most buyers of new build residence in Cottesmore approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Cottesmore tend to purchase 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 Cottesmore or who has acted in the same development.
My business partner and I are hoping to lease a unit on a shopping parade. Can you recommend solicitors offering no-move-no charges for commercial conveyancing in Cottesmore for below £2000?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Cottesmore, including the disposal and purchase of businesses as well as simply premises. If you are intending to buy or lease a shop, pub, restaurant, office, retail unit or a complete business we will put you in touch with the right solicitor. Regarding the costs these will vary based on the structure and nuances of the deal. Let us have your contact information or email so as to enable us to provide you with a detailed commercial conveyancing calculation.