My husband and I are hoping to purchase a home in Hampshire and are in fact using a Hampshire conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Santander have this evening contacted us to inform me that there is now an issue as our Hampshire lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also act for 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 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 as you are at liberty to use your preferred Hampshire lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
we are a couple who wish to acquire a newly converted apartment in Hampshire with a loan from Bank of Scotland.We would like to retain our Hampshire conveyancing practitioner but Bank of Scotland informed us her practice is not on their "panel". We have to appoint a Bank of Scotland panel solicitor or keep our local solicitor and pay for a Bank of Scotland panel lawyer to represent them. This seems very unfair; Can we not simply insist that Bank of Scotland use our lawyer?
No, not really. The mortgage offered to you contains terms and conditions, one of which will be that conveyancers will be on the Bank of Scotland solicitor panel. in the past, most mortgage companies had large numbers of solicitors 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 solicitors to apply to be on the conveyancing panel for Bank of Scotland
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Hampshire is where the house is located. What do you suggest?
Flying freeholds in Hampshire are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hampshire you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hampshire 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 property.
I'm converting the mortgage on my existing house to a buy to let mortgage with Halifax and I will use the ballance of the raised equity as a deposit on another house. The location we are interested in is Hampshire. Will your solicitors be able to act for the two lenders and tie in the two deals?
Make use of our search tool on this site to check that the conveyancers are approved by both mortgage companies. Assuming that they are the solicitor should be able to tie up the two conveyancing matters but you should talk with you solicitor and communicate your expectations and requirements.
Is it best to use a Hampshire conveyancing solicitor based in the location that I am buying? An old friend can perform the conveyancing but they are based over three hundred kilometers drive away.
The benefit of a high street Hampshire conveyancing firm is that you can drop in to sign documents, deliver your identification documents and pester them where appropriate. They will also have local intelligence which is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were content that must trump using an unknown Hampshire conveyancing lawyer solely due to them being based in the area.