My partner and I are planning to acquire a flat in Broad Haven and have appointed a Broad Haven conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Virgin Money have this morning contacted us to advise us that there is now an issue as our Broad Haven solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard 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 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 as you are at liberty to use your preferred Broad Haven lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would prefer to use a Broad Haven based conveyancing firm?
You should check but the chances are that allocate you one of their panel lawyers if you accept the "fee-free" offer. Call the lender and check if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Broad Haven.
Should my solicitor be raising enquiries regarding flooding during the conveyancing in Broad Haven.
Flooding is a growing risk for lawyers dealing with homes in Broad Haven. There are those who buy a property in Broad Haven, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, however there are a number of searches that may be carried out by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Broad Haven. The standard property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the vendor to find out if the property has historically flooded. In the event that flooding has previously occurred which is not notified by the owner, then a buyer may commence a compensation claim resulting from an incorrect reply. A purchaser’s solicitors will also order an environmental search. This will reveal whether there is any known flood risk. If so, more detailed inquiries should be carried out.
How do I use your search app to find a conveyancing solicitor in Broad Haven on the authorised to act for my mortgage?
1st choose a lender such as Nationwide Building Society, The Mortgage Works or Godiva Mortgages Ltd then specify your preferred area a common one being Broad Haven. Conveyancing firms in Broad Haven and further afield should be shown.
My husband and I are FTB’s - had an offer accepted, but the selling agent informed us that the vendor will only proceed if we use their chosen lawyers as they need an ‘expedited deal’. We would rather use a family conveyancer with experience of conveyancing in Broad Haven
It is improbable the sellers are driving this. Should the vendor desire ‘a quick sale', turning down a motivated buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the sellers and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you are chain free (d) you intend to proceed fast (e)however you intend to instruct your own,trusted Broad Haven conveyancing lawyers - not the ones that will give the negotiator at the agency a referral fee or achieve conveyancing thresholds set by senior management.