Am I correct in assuming that the fact that my conveyancer in Heywood is not listed on my lender's conveyancing panel that there is a problem with the standard of the firm’s conveyancing?
That is most likely an incorrect assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Heywood conveyancing firm and enquire why they are no longer on the approved list for your lender.
My fiance and I are refinancing our maisonette in Heywood with Nottingham. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this document specific to the Nottingham conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nottingham. This is solely used to protect Nottingham if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nottingham had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
My lawyer in Heywood is not listed on the The Mortgage Works Solicitor Panel. Is it possible for me to retain my prefered solicitor even though they are not on the The Mortgage Works approved list?
The limited options open to you here include:
- Carry on with your existing Heywood lawyers but The Mortgage Works will need to retain a lawyer on their panel. This will inevitably rack up the overall legal fees as well as cause delays.
- Find an alternative solicitor to act in the conveyancing, obviously checking they are The Mortgage Works approved.
- Persuade your The Mortgage Works solicitor to seek to join the The Mortgage Works panel
Is there a list of Yorkshire BS panel conveyancers in Heywood on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association sites. Very few banks make their panel listings available on the web. Where you are in need of a Heywood conveyancing practitioner on the Yorkshire BS please use our tool.
I currently have a mortgage with Coventry BS for my property in Heywood. Conveyancing has been completed months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
You must advise Coventry BS in advance of letting out your property as this is likely to be a breach of Coventry BS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. You need not do this via a Coventry BS conveyancing panel solicitor.
I am selling my house. I had a double glazing fitted in April 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Nottingham are being pedantic. The Heywood solicitor who is on the Nottingham conveyancing panel is recommending indemnity insurance as a solution but Nottingham are requiring a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham 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.
How does conveyancing in Heywood differ for newly converted properties?
Most buyers of new build property in Heywood come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Heywood usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Heywood or who has acted in the same development.