My husband and I are planning to acquire a property in Elland and have instructed a Elland conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Britannia have this afternoon contacted us to inform me that there is now an issue as our Elland conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit 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 property lawyer 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Elland 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.
Would the conveyancing solicitors that you recommend execute auction conveyancing in Elland?
There are a number of niche practitioners we can put you in touch with those conducting auction conveyancing. Elland is just one of the many locations where our lawyers have a presence.
We are buying a flat in Elland. It might be a silly question but how we can trust a solicitor? At some point we will need to deposit money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Are all Elland Conveyancing Quality Solicitors on the Aldermore conveyancing list of approved firms?
A selection of lenders now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.
It is not clear whether my bank requires a lease extension. I have called my Elland bank branch on various occasions and was told it wasn't a problem and they would lend. My Elland conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend in accordance with their specific requirements. Who do I believe?
Your conveyancing practitioner must follow the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Elland is the location of the property. Can you shed any light on this issue?
Flying freeholds in Elland are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Elland you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Elland may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Why do Elland conveyancing charges are more expensive for leasehold and freehold properties?
There is always increased work involved for leasehold conveyancing. Elland has many leasehold properties. There is more paperwork involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.