We are buying a 1 bedroom apartment in Calstock with a mortgage. We have a Calstock solicitor, but the mortgage company advise he's not on their "panel". It appears that we have no choice but to instruct one of the lender panel conveyancing practices or continue with our Calstock conveyancing practitioner and pay for one of their panel ones to act for them. We regard this is unjust; can we not insist that the mortgage company use our Calstock property lawyer ?
Unfortunately,no. The mortgage offered to you 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. Another option that might be available is for your Calstock conveyancing lawyer to apply to be on the conveyancing panel.
Are all Calstock Conveyancing Quality Solicitors on the Skipton conveyancing panel?
Some major lenders now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
The mortgage over my property is with Nationwide for my property in Calstock. Conveyancing has been completed 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
Nationwide must be informed of your intention prior to letting out your property as this is likely to be a breach of Nationwide’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. You need not do this via a Nationwide conveyancing panel solicitor.
I was told two weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Calstock is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
3 months have elapsed following my purchase conveyancing in Calstock completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Am I better off to go with a Calstock conveyancing lawyer in close proximity to the house I am buying? I have an old university friend who can conduct the legal formalities but they are based a couple of hundredmiles drive away.
The benefit of a local Calstock conveyancing practice is that you can attend the office to sign paperwork, deliver your ID and apply pressure on them where appropriate. Having local Calstock know how is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and the majority were content that must surpass using an unknown Calstock conveyancing solicitor solely due to them being based in the area.
I would be grateful if you could explain what options are open to me where my Calstock conveyancing searches reveals negative results?
Usually, most problems that arise in Calstock conveyancing search results can be dealt with in advance of completion or title insurance can be obtained. You need to note that regardless of the fact that you intend on buying the premises and might be willing to accept the search results, your building society or bank may not, and when all said and done the decision rests with them.