My wife and I are intent on purchasing a maisonette in Christchurch. My Solicitor is not on the mortgage company solicitor panel. Can I still continue with my Christchurch conveyancing solicitor even though they are not on the lender panel?
You must use a conveyancer to complete the legal work required when you require a mortgage to buy your home. The lawyer will carry out all the appropriate investigations on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage paperwork is dealt with. You can instruct a Christchurch solicitor of your choosing. However, if the solicitor selected is not a member of the lender approved list further costs will be incurred as separate legal representation will be need by the mortgage company. Lender panel applications may be submitted, so provided your solicitor has not in the past sought membership they should take the chance to apply.
Are the BSA intent on creating a searchable register to list firms on the Melton Mowbray Building Society conveyancing panel for example in Christchurch?
We are not aware of any intention on the part of the BSA to develop such a tool.
Should I be concerned by 3rd parties that I am dealing with are encouraging me to use a factory type conveyancing firm as opposed to a High Street Christchurch conveyancing company?
As is the case with many service providers, often input from connections can be worth their weight in gold. Nevertheless there are lots of players in a conveyancing matter; estate agents, financial adviser and banks might all suggest conveyancers to select. Sometimes these solicitors might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the recommendation. You have the discretion to appoint your preferred lawyer. However, bear in mind that the majority of lenders specify a panel list of solicitors you are obliged to use for the mortgage related work in your home move.
Is it best to appoint a Christchurch conveyancing lawyer who is local to the property I am purchasing? We have a good friend who can conduct the legal work however they are based 300miles away.
The primary upside of using a local Christchurch conveyancing firm is that you can visit the firm to execute documents, deliver your ID and apply pressure on them if necessary. They will also have local intelligence which is a plus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and on the whole were impressed that should surpass using an unfamiliar Christchurch conveyancing lawyer just because they are round the corner.
Our lawyer in Christchurch has identified a a legal deficiency with the lease for the flat we are purchasing in Christchurch. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the lender conveyancing panel he must be satisfied 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 bank 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 mortgage company 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.