My husband and I are looking to purchase a home in Euxton and are in fact using a Euxton conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Leeds Building Society have this morning contacted us to inform me that there is now an issue as our Euxton conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors 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 Accreditation 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 solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Euxton solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I have 70 years remaining on my lease and need a lease extension for my apartment in Euxton. Conveyancing solicitors on the Virgin panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 20/7/2019 the requirements read as follows :
When it comes to mortgage companies such as Nottingham, do Euxton solicitors have to pay an annual charge to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Can you point me to a directory of Clydesdale panel solicitors in Euxton on the Building Society Association’s Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lenders make their panel listings open the public on the web. Where you are looking for a Euxton conveyancing practitioner on the Clydesdale please use our facility.
I am selling my apartment. I had a double glazing fitted in December 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Principality are being problematic. The Euxton solicitor who is on the Principality conveyancing panel is recommending indemnity insurance as a solution but Principality are requiring a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Am I right to be concerned that estate agents that I am dealing with are recommending an internet conveyancing firm rather than a High Street Euxton conveyancing firm?
As with many service providers, often suggestions from family and friends can be very helpful. Yet there are lots of players in a conveyancing matter; estate agents, mortgage brokers and banks might all recommend solicitors to appoint. Sometimes the solicitors might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are at liberty to choose your own conveyancer. However, bear in mind that some lenders specify a panel list of conveyancers you have to use for the lender related work in your conveyancing.
I have just placed an offer on a leasehold flat in Euxton and the mortgage adviser that we are dealing with recommended his conveyancer. They quoted £800 excluding VAT and 3rd party costs. Does this sound like a good deal?
You should not rely on one estimate. You should seek like-for-like quotes for your conveyancing in Euxton. Then choose one that you trust and crucially, is on the approved list of the mortgage company that you have applied for a mortgage from.