My partner and I are looking to buy a flat in Leconfield and are in fact using a Leconfield conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. TSB have this afternoon contacted us to inform me that they have now hit a problem as our Leconfield conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for 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 property lawyer should contact your bank 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 and you may continue to use your own Leconfield solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I am buying a semi-detached house in Leconfield. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Leconfield you will have to appoint a solicitor on your lender'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 Leconfield.
I have todayfound out that Arc property Solicitors have been shut down. They carried out my conveyancing in Leconfield for a purchase of a leasehold flat 10 months ago. How can I check that my home is in my name in the name of the former proprietor?
The quickest method to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Leconfield conveyancing specialists.
Due to the input of my in-laws I had a survey completed on a property in Leconfield before instructing solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor has said that some banks may not grant a mortgage on such a house.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Leconfield. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Leconfield to see if the conveyancing costs will increase in light of this.
We're first time buyers - agreed a price, but the agent informed us that the vendor will only proceed if we instruct their preferred solicitors as they are insisting on a ‘quick sale’. My instinct tells me that we should use a high street conveyancer accustomed to conveyancing in Leconfield
We suspect that the owner is unaware of this demand. If they require ‘a quick sale', alienating a genuine buyer is likely to cause more damage than good. Speak to the owners direct and explain that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you are going to instruct your preferred Leconfield conveyancing firm - not the ones that will earn the estate agent a introducer fee or hit his conveyancing targets demanded by HQ.