My wife and I are hoping to buy a home in Hellesdon and have instructed a Hellesdon conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Leeds Building Society have this evening contacted us to advise us that there is now an issue as our Hellesdon 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 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Hellesdon lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Due to complete my purchase in Hellesdon next Friday. My lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What risks does the lender expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not unique to conveyancing in Hellesdon.
We see that you have a search directory listing solicitors on the Co-operative conveyancing panel. Do firms pay you a referral fee if I retain them for our conveyancing in Hellesdon?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Hellesdon.
I decided to have a survey carried out on a property in Hellesdon before retaining conveyancers. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some banks may not issue a mortgage on such a home.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. If you contact us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Hellesdon. Conveyancing may be slightly more expensive based on your lender's requirements.
I am using a search engine for the phrase conveyancing in Hellesdon it brings up many property lawyerslocally. With so much choice what is the best way to find the right solicitor for my move?
The ideal way of choosing the right conveyancer is via personal recommendation, so ask friends and those you trust who have acquired a property in Hellesdon or a respected estate agent or mortgage broker. Charges for conveyancing in Hellesdon vary, so it's a good idea to obtain a minimum of four estimates from varying types of companies. Dont forget to clarify that the fees are fixed.