My financial adviser requires my Leconfield lawyer’ panel reference for the HSBC conveyancing panel. What is the best way to find this out. I have contacted my local Leconfield branch but they have not got back to me yet.
You are best placed to get this information from your Leconfield conveyancing practitioner . They retain a central record lender panel numbers.
I am hoping to move into my new home in Leconfield next Tuesday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. 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 Leconfield.
My fiance and I are buying a 1 bedroom flat in Leconfield with a residential mortgage from Nottingham Building Society.We have a Leconfield conveyancing practitioner but Nottingham Building Society informed us her practice is not listed on their "panel". We have to appoint a Nottingham Building Society panel solicitor or keep our local solicitor and pay for a Nottingham Building Society panel lawyer to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The loan issued to you contains terms and conditions, a common one being that conveyancers needs to be on the Nottingham Building Society approved list. in the past, most mortgage companies had large numbers of law firms 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Nottingham Building Society
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Leconfield is the location of the property. What do you suggest?
Flying freeholds in Leconfield are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Leconfield you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Leconfield 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 residence.
I have read on a number of online forums that before choosing a conveyancing lawyer they must be approved by your mortgage company. I am new to the process but I have an offer in principle with Halifax and I already have a family conveyancing lawyer in Leconfield on standby. Does Virgin Money insist on an approved conveyancer to be used? If so, where do I find that list for my conveyancing in Leconfield?
You should instruct a solicitor that is on the Virgin Money panel. The simplest thing to do is call your chosen Leconfield conveyancing lawyer to check if they are on the Virgin Money panel. If they are not on the panel you have a number of choices open to you here:
- Proceed with your chosen Leconfield conveyancer but Virgin Money will undoubtedly use a conveyancing practitioner from their approved panel. This will result in additional cost and likely frustration.
- Get a fresh solicitor to conduct the conveyancing, making sure they are on the Virgin Money conveyancing panel.
- Appeal to your conveyancer to apply to join the mortgage company panel.