My husband and I are hoping to acquire a property in Langland and are in fact using a Langland conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Britannia have this evening contacted us to inform me that they have now hit a problem as our Langland solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also represent 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 Quality 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Langland lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
What does my ID and proof of funds have anything to do with my conveyancing in Langland? What am I being asked for?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the ID of the person or body they are dealing with prior to agreeing to accepting their conveyancing business. The Terms of Engagement that you need to sign should stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you refuse to supply ID verification documents, your conveyancer will not be able to take you on as a client.
Due to the input of my in-laws I had a survey completed on a house in Langland before instructing lawyers. I have been informed that there is a flying freehold element to the property. My surveyor has said that some lenders may not issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you e-mail us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Langland. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Langland to see if the conveyancing will be more expensive.
My step-father has recommend that I appoint his conveyancing solicitors in Langland. Should I choose my own property lawyer?
There are no two ways about it the best way to find a conveyancing practitioner is to have guidance from friends or family who have actually experience in using the conveyancer you're are thinking of instructing.
I am in the process of purchasing my first property in Langland. Conveyancing practitioner has been instructed. The mortgage adviser advised that a survey is not appropriate as the house was only built 22 years ago.
At the very least you should have a Home Buyer's Report. As the residence is over ten years old the property will be without a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report could be sufficient. The report should highlight any obvious issues and recommend further investigation where relevant. Where there are any indications of material issues seek a full Building Survey from the beginning.