We are hoping to acquire a 3 bedroom flat in Great Sankey with a mortgage. We wish to retain our Great Sankey conveyancer, but the bank says he's not on their "panel". It appears that we have no option but to appoint one of the mortgage company panel conveyancing practices or retain our Great Sankey conveyancing practitioner and pay for one of their panel lawyers to represent them. We feel that this is unjust; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Great Sankey conveyancing solicitor to apply to be on the conveyancing panel.
Some advice if I may. My Great Sankey lawyer is assuring me that he is legally obliged toconduct Great Sankey conveyancing searches asthe firm are on the Nat Westsolicitor panel. Is this really necessary?
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 comply with the CML Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Great Sankey conveyancing searches.
I am buying a new build flat in Great Sankey. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Great Sankey you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Great Sankey.
I'm the single recipient of my late mum's will and I have everything in my name now, including the my former home in Great Sankey. Conveyancing formalities meant that the Land Registry date was in January. I now wish to sell up. I do know about the CML 6 month 'rule', meaning my property ownership will be treated the same way as if I'd bought the house in January. Is the property unsalable for six months?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How practical a view lenders take of it, depend on the lender as this clause principally exists to identify subsales or the flipping of properties.
When it comes to mortgage companies such as HSBC, do Great Sankey solicitors have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Can you point me to a directory of Coventry BS panel conveyancers in Great Sankey on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the CML or Building Society Association sites. Very few lenders make their panel listings visible on the web. Where you are looking for a Great Sankey lawyer on the Coventry BS please use our tool.
I opted to have a survey done on a house in Great Sankey in advance of appointing lawyers. I have been informed that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies tend not grant a loan on a flying freehold property.
It varies from the lender to lender. HSBC has different requirements from Nationwide. If you call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Great Sankey. Conveyancing may be slightly more expensive based on your lender's requirements.