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My fiance and I are novices when it comes to buying a property. 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. Landbay Partners have this evening contacted us to advise us that they have now hit a problem as our solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors 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 solicitors should contact Landbay Partners and see if they can apply for membership of the Landbay Partners conveyancing panel, but if that is not viable Landbay Partners will instruct their own solicitors to act. You don't have to instruct a firm on the Landbay Partners conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our lawyer has discovered a problem with the lease for the property we are buying. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the Landbay Partners conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or Landbay Partners?
Just because you have a mortgage offer from Landbay Partners does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Landbay Partners are the client. The appropriate lender requirements have to be complied with by the Landbay Partners conveyancing panel who has to balance acting for you and Landbay Partners
I see that you have a search directory identifying law firms on the Landbay Partners conveyancing panel. Do firms pay you a referral fee if I retain them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Landbay Partners conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am trying to get my ex-husband taken off the mortgage deeds. Can Landbay Partners really tell me which solicitor I can or can not instruct?
You can use any solicitor you like but Landbay Partners then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Landbay Partners solicitors panel
My husband and I are spending time looking at flats and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I intend to finance via a mortgage with Landbay Partners
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Landbay Partners , ask your prospective lawyers check they are on the Landbay Partners conveyancing panel otherwise they can't do the mortgage legal work.
Planning on purchasing a house with a mortgage with Landbay Partners. I have received an online quote from a licensed 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 Landbay Partners 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 they are on the Landbay Partners conveyancing panel
Landbay Partners have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Landbay Partners or your broker and complete any relevant paperwork. Landbay Partners will tell you what documents they want. Landbay Partners will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Landbay Partners will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
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