My fiance and I are planning to buy a flat in Brough and have instructed a Brough conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. TSB have this evening contacted us to advise us that they have now hit a problem as our Brough lawyer is not on their conveyancing panel. What do we do from here?
Where you are buying a property requiring a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. 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 mortgage company 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 Brough lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I have given 8 weeks notice to my existing landlord and have to vacate my let out apartment in Brough by the end of next month. Conveyancing on my purchase is progressing. Is it possible to complete in three weeks as I wish to avoid having to move into temporary accommodation?
It is unwise to give notice on a rental until you have exchanged. Assuming that you have not previously done so, notify to your solicitor and request that they cajole the sellers solicitors, try to get a realistic time scale from them that all parties will look to achieve
We are purchasing a newbuild apartment in Brough with a residential mortgage from Chelsea Building Society.We use our Brough conveyancing practitioner but Chelsea Building Society advised that her practice is not on their approved list of member firms. we are left little option but to use a Chelsea Building Society panel firm or retain our high street solicitor and fork out for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Chelsea Building Society use our lawyer?
Unfortunately,no. The loan offered to you is subject to its various provisions, a common one being that solicitors will be on the Chelsea Building Society approved list. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Chelsea Building Society
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one near me in Brough I like with amenity areas and station in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Brough suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
Should I be wary that brokers that I am dealing with are recommending an online conveyancing firm as opposed to a local Brough conveyancing firm?
As with lots of service providers, often referrals from family and friends can be worth their weight in gold. But there are many players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all put forward conveyancers to instruct. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there might be a commercial relationship behind the endorsement. You have the discretion to choose your preferred lawyer. However, bear in mind that some banks specify a panel list of law firms you are obliged to use for the mortgage related work in your transaction.