My husband and I are buying a 3 bedroom flat in Chew Magna with a mortgage. We have a Chew Magna solicitor, but the lender advise she’s not on their "panel". We have to appoint one of the lender panel solicitors or keep our Chew Magna property lawyer and pay for one of their panel lawyers to represent them. This feels very unfair; is there anything we can do?
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 Chew Magna conveyancing lawyer to apply to be on the conveyancing panel.
I am nearing an exchange on a property in Chew Magna and my parents have sent the exchange deposit to my lawyer. I am now informed that as the deposit has not arrived from me my solicitor needs to disclose this to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The property lawyer is obliged to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
A relative pointed out to me me that in buying a property in Chew Magna there may be a number of restrictions limiting what one can do in terms of external alterations to the property. Is this right?
There are anumerous of properties in Chew Magna which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Chew Magna should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as Coventry BS, do Chew Magna lawyers face a yearly amount to be on the list of approved solicitors?
We are not aware of any lender fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I have today made my last payment due on my mortgage with Coventry BS. I assume I don't need a Chew Magna solicitor on the Coventry BS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Coventry BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Coventry BS mortgage from the register. Coventry BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
I need to instruct a conveyancing solicitor for freehold conveyancing in Chew Magna. I happened to land on a web site which appears to be the perfect offering If it is possible to get all formalities completed via phone that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
How easy is it to change a solicitor as I need to find a Chew Magna based firm who is on the bank conveyancing panel. Is it practical to instruct different lawyers?
In the event that you have not formally appointed a solicitor to start work and at this stage simply received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Chew Magna that you're thinking of instructing.