I am considering applying for a Coventry BS mortgage for purchase of a new build (under development) in Sheffield with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
In theory, you could use a solicitor that is not on the Coventry BS conveyancing panel, but Coventry BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
We were going to get a DIP from RBS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any Sheffield solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Sheffield solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I am currently in the process of buying my council flat in Sheffield. I have a mortgage agreed with UBS. 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 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 UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
Planning on purchasing a flat in Sheffield. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB 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 Sheffield conveyancing practitioner is on the TSB conveyancing panel.
Various online forums that I have frequented warn that are the main reason for stalling in Sheffield house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Sheffield.
How does conveyancing in Sheffield differ for new build properties?
Most buyers of new build residence in Sheffield contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Sheffield typically acquire the real estate, 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 used to new build conveyancing in Sheffield or who has acted in the same development.
Should I be wary about estate agents that I am dealing with are encouraging me to use a factory type conveyancing firm rather than a local Sheffield conveyancing firm?
As with many service providers, often referrals from connections can be worth their weight in gold. Yet there are lots of players in a conveyancing deal; estate agents, financial adviser and lenders may put forward lawyers to choose. On occasion the lawyers might be known to one of the organisations as experts in their field, but sometimes there exists a financial incentive behind the endorsement. You are at liberty to choose your preferred lawyer. However, bear in mind that some banks have an approved list of lawyers you are obliged to use for the mortgage related work in your transaction.