We are buying a 2 bedroom apartment in Banbury with a mortgage. We like our Banbury lawyer, however the mortgage company advise he's not on their "panel". We have to appoint one of the mortgage company panel firms or retain our Banbury solicitor and pay for one of their panel lawyers to represent them. This feels very unfair; are we not able to insist that the lender use our Banbury conveyancer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. 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 Banbury conveyancing lawyer to apply to be on the conveyancing panel.
I am approaching an exchange on a flat in Banbury and my parents have sent the exchange deposit to my lawyer. I am now informed that as the deposit has not arrived from me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The lawyer is legally required to clarify with lender to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
How does conveyancing in Banbury differ for new build properties?
Most buyers of new build premises in Banbury approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Banbury usually acquire the land, 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 property lawyers 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 Banbury or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Banbury prior to retaining lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies tend refuse to issue a loan on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. Should you wish to call us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Banbury. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Banbury to see if the conveyancing will be more expensive.
Is it possible to transfer to a new conveyancer as I need to retain a firm on the Yorkshire Building Society conveyancing list. I had appointed a high street conveyancing solicitor in Banbury five minutes from me but the firm is not accepted by Yorkshire Building Society
It would be our pleasure to help you select a conveyancing solicitor in Banbury on the Yorkshire Building Society panel. Please note that the law firms that we list do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Banbury. In utilising search facility on this website, you can scrutinise fees for conveyancing solicitors in Banbury and beyond.