My partner and I are hoping to acquire a flat in Chapel Allerton and have instructed a Chapel Allerton conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. The Mortgage Works have this evening contacted us to advise us that they have now hit a problem as our Chapel Allerton conveyancer is not on their approved list of lawyers. Please explain?
Where you are buying a property with the assistance of a mortgage it is standard for the purchasers' lawyers 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 lender 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 bank's conveyancing panel and you may continue to use your own Chapel Allerton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our lawyer has discovered a defect with the lease for the flat we are buying in Chapel Allerton. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer has advised that he must check that the mortgage company is content with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements 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.
Are there restrictive covenants that are commonly identified during conveyancing in Chapel Allerton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Chapel Allerton. 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…’
Due to the encouragement of my in-laws I had a survey completed on a house in Chapel Allerton before instructing lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some lenders will not grant a loan on this type of home.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Chapel Allerton. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I better off to go with a Chapel Allerton conveyancing lawyer in close proximity to the house I am buying? We have a good friend who can perform the legal work but his firm is located 300kilometers drive away.
The benefit of a high street Chapel Allerton conveyancing firm is that you can drop in to execute paperwork, present your ID and pester them where appropriate. Having local Chapel Allerton know how is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and the majority were content that must trump using an unknown Chapel Allerton conveyancing solicitor solely due to them being round the corner.