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Find a Cockermouth Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Cockermouth? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Cockermouth home move at risk of delay or failure.

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Recently asked questions about conveyancing in Cockermouth

My partner and I are looking to acquire a house in Cockermouth and have instructed a Cockermouth conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. HSBC Bank have this evening contacted us to inform me that they have now hit a problem as our Cockermouth lawyer is not on their conveyancing panel. What do we do from here?

Where you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. 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 bank 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Cockermouth solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.

Some advice if I may. My Cockermouth solicitor is informing me me that she is duty bound toorder Cockermouth conveyancing searches asthe firm are on the Virgin Moneysolicitor panel. Do I not have any options here?

Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a bank your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Cockermouth conveyancing searches.

Should commercial conveyancing searches disclose planned roadworks that may affect a commercial estate in Cockermouth?

Many commercial conveyancing solicitors in Cockermouth will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Cockermouth. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Cockermouth.

For every commercial conveyancing transaction in Cockermouth it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Cockermouth commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not ordered for residential conveyancing in Cockermouth.

Is it best to appoint a Cockermouth conveyancing solicitor in close proximity to the house I am buying? An old friend can deal with the conveyancing but his firm is located 200miles away.

The primary upside of using a local Cockermouth conveyancing practice is that you can attend the office to sign documents, hand in your ID and apply pressure on them if necessary. They will also have local intelligence which is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and in the main were happy that should outweigh using an unknown Cockermouth conveyancing solicitor solely due to them being round the corner.

What makes a Cockermouth lease problematic?

Leasehold conveyancing in Cockermouth is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    Service charge per centages that don't add up correctly leaving a shortfall A provision to repair to or maintain elements of the building

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.

I acquired a split level flat in Cockermouth, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Cockermouth with an extended lease are worth £175,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2080

With 58 years unexpired we estimate the premium for your lease extension to range between £23,800 and £27,400 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

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