My husband and I are intent on purchasing an apartment in Chingford. My property lawyer is not listed on the mortgage company solicitor panel. Is it possible for me to continue with my Chingford conveyancing solicitor even though they are not on the bank list of approved lawyers?
You must instruct a lawyer to deal with the legal work required if you take out a mortgage to purchase your property. They will carry out all the necessary due diligence on the property, ensuring that you’re registered as proprietor and ensure that all the necessary mortgage paperwork is in order. You can appoint a Chingford lawyer of your choosing. Nevertheless, if the property lawyer selected is not a member of the mortgage company solicitor panel supplemental fees will be levied as separate legal representation will be need by the mortgage company. Lender panel applications can be submitted, so provided your lawyer has not previously sought membership they can do so.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Chingford. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 12/12/2018, the requirements read as follows :
Can I be sure that the Chingford conveyancing solicitor on the Santander panel is any good?
When it comes to conveyancing in Chingford getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer handling your conveyancing.
We are getting a further advance on our home loan from Virgin Money as we want to conduct renovations to our house in Chingford. Do we need to choose a local Chingford solicitor on the Virgin Money conveyancing panel to deal with the legals?
Virgin Money don't usually require firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money conveyancing panel.
We expect to receive a DIP from Kent Reliance this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Chingford solicitors on the Kent Reliance conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Chingford solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
Hoping to buy a property located in Chingford and I am already nervous. I couldn't find anything specific about Chingford. Conveyancing will be needed in due course but do you know about the Chingford area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Chingford. In the meantime here are some basic statistics that we found
My nephew is embarking on her first house purchase, the home loan was agreed last week in principle. When the seller agreed the offer on the house we rang the bank to progress the mortgage application. I was disappointed to hear that mortgage lenders do not accept all solicitor, they have to be on a list, is this legal?
Banks tend to imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Chingford solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.