My husband and I are planning to buy a flat in Flamborough and are in fact using a Flamborough conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Virgin Money have this morning contacted us to inform me that they have now hit a problem as our Flamborough solicitor 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 act for 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 solicitor 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Flamborough 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.
I am in the process of refinancing my home in Flamborough, does my lawyer need to be on the TSB Solicitor panel?
There is nothing to stop you using your solicitor, but TSB will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Due to the encouragement of my in-laws I had a survey completed on a house in Flamborough ahead of appointing lawyers. I have been informed that there is a flying freehold overhang to the property. My surveyor has said that some lenders tend refuse to grant a loan on this type of property.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. Should you wish to telephone us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Flamborough. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm converting the mortgage on my existing property to a BTL mortgage with Aldermore and I will use the ballance of the raised equity as a down payment on further house. The location we are looking at is Flamborough. Will your solicitors be able to act for both sets of mortgage companies and link together the conveyances?
Make use of our comparison tool on this site to ensure that the solicitors are approved by both mortgage companies. Assuming that they are your lawyer should be able to simultaneously deal with the two deals but you should talk with you conveyancer and make clear your expectations and needs.
There are a number of properties in Flamborough on unadopted lanes. We are acquiring such a property. What would be the advantages and disadvantages of purchasing a residence on a private road?
Flamborough conveyancing practices will be familiar with conveyancing homeson unadopted roads. The lawyer will review the Land Registry data to identify any rights or liabilities. It is possible that there is a management company (wholly owned by residents) that proprietors make annual payments to maintain the road. Where there is one, the road will likely be maintained and look better than council adopted.