Instructing A Solictor

mattb87

Hello,

Quick question, so I reserved a new build house at the weekend. The developer has said contracts won't be sent out until a few months time but has said in the mean time I can instruct my solicitor. I'm in the process of getting a few quotes for various solicitors at the moment.

I'm a first time buyer so could somebody please clarify for me what "Instruct a solicitor" actually means?

Thanks!

Matt

BJV

it means ask a solicitor to act on your behalf and sort out the legal aspects of buying a house for you.

mattb87

Thanks :-) So, in very layman terms... when I instruct a solicitor I am saying that I am choosing you to act on my behalf? Does anything happen at that point? Or do they wait until they receive the contracts from the developer?

G_M

The best advice would be for you to start to undrstand th house-buying process.

You are commiting to a multi-hundred thousand pound commitment.

Read up. eg

https://www.amazon.co.uk/d/Books/Buying-Your-First-House-UK-2016-tax/1522929061/ref=pd_bxgy_14_img_3?_encoding=UTF8&psc=1&refRID=1P4WWBYWN6V9V946WDAY

https://www.amazon.co.uk/Buying-Selling-Home-Dummies-Melanie/dp/0470994487/ref=sr_1_1?ie=UTF8&qid=1490113013&sr=8-1&keywords=buying+a+house+for+dummies

strawberries1

mattb87 wrote: »

Thanks :-) So, in very layman terms... when I instruct a solicitor I am saying that I am choosing you to act on my behalf? Does anything happen at that point? Or do they wait until they receive the contracts from the developer?

Ask colleagues, family etc who have had experience purchasing for a referral. Do some searching online, google conveyancing firms and then ring them to get quotes and confirm they're on your lender's panel.
http://solicitors.lawsociety.org.uk/?Pro=False&gclid=Cj0KEQjwnsPGBRDo4c6RqK-Oqu8BEiQAwNviCSgBwjePrYF6p0inJu_IJ890rWmiXptgD7UliHmZc10aAtWA8P8HAQ

Make a decision based on cost, reviews but not necessarily distance to you.

Once you decide on which to go with they'll ask for some money to put on account and your ID etc.

Simply put a solicitor will act for you on your purchase checking that what you think you are buying is what you're getting.

mattb87

Thanks for the useful replies. Can I ask one further question?

When you say "on your lender's panel" - what does that actually mean and why is that a good thing? If I go for a mortgage with Halifax, why would it be a good thing to have a solicitor that is on Halifax's panel? Apologies if that is a silly question!

glentoran99

mattb87 wrote: »

Thanks for the useful replies. Can I ask one further question?

When you say "on your lender's panel" - what does that actually mean and why is that a good thing? If I go for a mortgage with Halifax, why would it be a good thing to have a solicitor that is on Halifax's panel? Apologies if that is a silly question!

they have to be on the lenders panel, ie your lender is happy to use them otherwise you cant use them as they work for you and the lender

mattb87

Ahh okay great thank you!

G_M

You are now on your 2nd question. Nothing wrong with asking (that's what the forum is for), but they are, with respect, pretty basic questions.

In the coming weeks, other issues will arise, and 642 other questions will occur to you.

Rather than ask us 642 questions over the next 3 months, get a book from the library (free!) which will explain the entire process and help you thrrough.

If there are things that you still don't understand after that, by all means ask.

kingstreet

Having your solicitor on your lender's panel means your solicitor can act for you and the lender.

If they aren't, you pay your legal bill and the lender's for its separate legal representation by one of its panel firms.

When you instruct a solicitor, if nothing is going to happen in the near future simply say "open a file and do nothing until I instruct you further."

In that way, you avoid wasted cost if the purchase falls apart in the early stages.

ThePants999

A bit more detail on the panel thing: when you buy a house with a mortgage, there are three parties involved. You, the vendor, and the mortgage lender. Each has their own interests, each has legal work that must be done on their behalf, and so each needs a conveyancer. Generally speaking, there's no conflict of interest between you and your mortgage lender, so it's OK for one conveyancer to do the conveyancing work for both of you, and mortgage lenders don't mind if you engage a solicitor to act on their behalf. However, they'll only permit solicitors on their panel to act on their behalf (these solicitors have been through a process that basically satisfies the lender they're capable of properly handling their interests). So if you pick a solicitor who isn't on the lender's panel to do your own conveyancing, a separate one will be needed for the bank.