My partner and I are looking to purchase a property in Bubwith and have appointed a Bubwith conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barnsley Building Society have this evening contacted us to inform me that there is now an issue as our Bubwith conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also act for 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 solicitors to act. 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 Bubwith lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My solicitor has identified a defect with the lease for the apartment we are purchasing in Bubwith. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must ensure that the bank is willing to move forward with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
My brother-in-law has suggested I instruct a conveyancing solicitor in Bubwith. I need to find out whether they are on the Halifax conveyancing panel. Could you assist?
You should phone the lawyer and ask them if they can act for the bank. Alternatively you can get in touch with Halifax who may be able to help.
Are there restrictive covenants that are commonly identified during conveyancing in Bubwith?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Bubwith. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Our bank agreed in principle to issue us a mortgage. We instructed a long established conveyancer in Bubwith two days ago. A couple of hours ago, our financial adviser contacted us saying that the mortgage company said that we cannot use our solicitor as they aren't on their 'approved list'. As FTB's, we did not have a clue that the bank had some control over our choice Is this permitted?
You are permitted to select any property lawyer you wish to select including the said conveyancer in Bubwith however if your mortgage company aren't happy with them you will have to fork out additional cost so the mortgage company can retain their own solicitors as well to protect their interest. It may be conceivable that your preferred conveyancing firm to get added to the bank panel. You can use internet tools including lenderpanel.com to find a conveyancing solcitor in Bubwith on the bank panel. You can go into your local mortgage company branch in Bubwith. They can recommend conveyancing solicitors in Bubwith on the panel for your mortgage company.