My husband and I are planning to buy a property in Alfreton and are in fact using a Alfreton conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Barclays Direct have this evening contacted us to advise us that they have now hit a problem as our Alfreton lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also represent 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 Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Alfreton lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We note that you have a search directory listing firms on the Leeds Building Society conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in Alfreton?
We are a listing service only for law firms wishing to communicate if they are on the Leeds Building Society conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Alfreton.
My fiance and I are purchasing a 2 bedroom apartment in Alfreton with a loan from Accord Mortgages Ltd.We use our Alfreton conveyancing practitioner but Accord Mortgages Ltd advised that he's not on their approved list of firms. we are left little option but to use a Accord Mortgages Ltd panel firm or retain our local solicitor and pay for a Accord Mortgages Ltd panel lawyer to represent them. This seems very unfair; Can we not simply insist that Accord Mortgages Ltd use our lawyer?
Unfortunately,no. The home loan issued to you is subject to its various provisions, one of which will be that solicitors will be on the Accord Mortgages Ltd approved list. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Accord Mortgages Ltd
How does conveyancing in Alfreton differ for new build properties?
Most buyers of new build or newly converted property in Alfreton approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Alfreton typically buy 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 accustomed to new build conveyancing in Alfreton or who has acted in the same development.
What does commercial conveyancing in Alfreton cover?
Alfreton conveyancing for business premises covers a broad range of guidance, given by qualified solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.