Unfortunately I am unable to travel far from Bacup. What is the rationale as to why all Bacup conveyancers are not on all mortgage company panels?
A decade ago most banks displayed an attitude to risk which differs from the current day. The financial regulator in 2010 conducted a thematic review into property fraud which concluded: know the conveyancers on your panel. Accordingly, mortgage companies have subsequently looked to extract more information from law firms concerning their processes and the individuals who work for them and set certain criteria such as completing a minimum amount of transactions. Thousands of firms have been removed from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the criteria of volume of transactions the lenders set.
My partner and I are only a couple days away from an exchange on a house in Bacup and my mum and dad have transferred the 10% deposit to my lawyer. I am now told that as the deposit has been received from someone other than me my solicitor needs to disclose this to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your solicitor is obliged to clarify with lender to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Do lenders provide you with an approved list of Bacup conveyancing solicitors? How do you know who is on the TSB conveyancing panel?
Bacup conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
This question may be naive but I am unseasoned as a first time buyer of a ground floor flat in Bacup. Do I receive the keys to the property on completion from my solicitor? If so, I will appoint a local conveyancing solicitor in Bacup?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the owner’s solicitors, and once they have received this, you will be able to receive the keys from the selling Agents and start moving into the property. This tends to happen between 1 and 3pm.
My partner and I have arranged a further advance on our mortgage from Yorkshire BS as we intend to carry out a loft conversion to our property in Bacup. Do we need to choose a bricks and mortar Bacup solicitor on the Yorkshire BS conveyancing panel to handle the legals?
Yorkshire BS don't usually instruct a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS list.
My fiancee and I are in the process of looking at apartments in Bacup and I am about to put in an offer. Is it best to have my property lawyer on ‘stand by’? I intend to finance via a mortgage with Lloyds.
It would be prudent to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are obtaining a mortgage with Lloyds, make sure you remember to check that your lawyer is on the Lloyds conveyancing panel.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Bacup is the location of the property. What do you suggest?
Flying freeholds in Bacup are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bacup you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bacup may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.