My partner and I are hoping to acquire a flat in Lees and are in fact using a Lees conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this morning contacted us to inform me that there is now an issue as our Lees solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property requiring a mortgage it is standard 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 bank 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Lees solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We are buying a 4 bedroom semi-detached house in Lees. The intention is to carry out a loft conversion at the house.Will the conveyancing process include enquiries to see if these alterations are allowed?
Your solicitor should check the deeds as conveyancing in Lees can on occasion identify restrictions in the title documents which prevent certain changes or require the permission of another owner. Many works need local authority planning permissions and approval under the building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be sensible to check these issues with a surveyor ahead of any purchase.
The mortgage over my property is with Lloyds for my property in Lees. Conveyancing was finalised a year ago. If I am intending 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 Lloyds?
Lloyds must be informed of your intention before letting out your property as this is likely to be a breach of Lloyds’s mortgage conditions. It may be that Lloyds will allow you to rent 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 Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel lawyer.
Bank of Ireland have agreed my home loan in principle, my bid on a property in Lees has been accepted, what happens next?
Your estate agent will want to know who your solicitors are (be sure the conveyancing practitioners are on the lender’s approved list). Telephone Bank of Ireland or your financial adviser and complete any relevant documentation. Bank of Ireland will instruct a valuer who will get in touch with the estate agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes approximately ten days to get a mortgage offer. Bank of Ireland will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Lees.
Am I right to be wary about 3rd parties that I am dealing with are suggesting a national conveyancing firm rather than a local Lees conveyancing company?
As is the case with lots of service providers, often referrals from family and friends can be extremely useful or valuable. Nevertheless there are lots of people with a keen interest in a conveyancing deal; estate agents, financial adviser and banks might all suggest solicitors to instruct. On occasion these solicitors might be known to one of the organisations as experts in their field, but sometimes there may be a financial incentive behind the endorsement. You have the right to choose your preferred conveyancer. Don't forget that some mortgage providers specify a panel list of law firms you have to use for the lender aspect of your home move.
I am one month into a freehold purchase having been directed to a firm by the local agent to handle our conveyancing in Lees. I am am starting to be disappointed with the quality of service. Could you you assist me in finding new conveyancers?
A lawyer would have to be really bad in order to consider diss instructing them. Has your loan offer been generated? In the event that it has you need to make them aware of the replacement conveyancer and ensure the loan are re-sent. Your new solicitor ideally needs to be on the mortgage company panel to avoid added expenses and complications. So that should be your first question of the new lawyers. The search tool will assist you in finding a lender approved conveyancer for your home move in Lees
We are looking to acquire a repression property in Lees and the mortgagee in possession require completion inside 28 days. Do conveyancers meet that timeframe? Am I best advised to instruct a high street Lees firm or an online company that advertises to offer speedy conveyancing?
Attend your Lees shopping parade. Pop in to 3 companies and request to talk to a conveyancing solicitor for an estimate. Explain your requirements and seek assurances on deadlines. Choose the one that seems most efficient. Make sure to choose a solicitor on the list of conveyancing practitioners who can act for your mortgage company.