My wife and I are planning to acquire a 1 bedroom flat in Carterton with a mortgage. We wish to retain our Carterton solicitor, but the lender says she’s not on their "panel". It appears that we have no choice but to select one of the bank panel firms or retain our Carterton conveyancer and pay for one of their panel lawyers to act for them. This feels very unfair; are we not able to demand that the bank use our Carterton conveyancing practitioner ?
No, not really. 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. A further alternative is for your Carterton conveyancing lawyer to apply to be on the conveyancing panel.
Do all mortgage companies provide you with an approved list of Carterton conveyancing solicitors? How do you know who is on the Santander conveyancing panel?
Carterton conveyancing firms themselves provide us confirmation that they are on the Santander conveyancing panel as opposed to being supplied with a list from Santander directly.
Do I need to pay for insurance to address the risk of chancel repairs when acquiring a property in Carterton?
Unless a prior acquisition of the premises took place after 12 October 2013 you can assume that solicitors handling conveyancing in Carterton to continue to suggest a chancel search and or insurance against a claim.
Is it simple use the search app to get a fee calculation from a conveyancing lawyer in Carterton on the authorised to act for my mortgage?
1st pick a lender such as Santander, Barnsley Building Society or Nottingham Building Society then type in your location a common one being Carterton. Conveyancing practices in Carterton and further afield should be identified.
Our lawyer in Carterton has identified a defect with the lease for the property we are purchasing in Carterton. The other side have offered title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that as he is on the mortgage company conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.