My husband and I are looking to buy a home in Luton and have instructed a Luton conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. The Royal Bank of Scotland have this afternoon contacted us to advise us that there is now an issue as our Luton lawyer is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance of a mortgage it is conventional 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 Accreditation Scheme. Your solicitor should contact your mortgage company 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Luton 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.
My wife and I swapping mortgage lender for our penthouse in Luton with Aldermore. We have a son 18 who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Aldermore conveyancing panel as he did not need to sign this form when we bought 5 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 Aldermore. This is solely used to protect Aldermore 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 Aldermore 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.
Me and my partner are buying a house in Luton. I might seem paranoid but how we can trust a solicitor? On the day of competition we will need to send funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My offer was accepted on an apartment in Luton on 22/2/2019, valuation was booked 2 days later, all came back fine. Property lawyer appointed, so all that was missing was my mortgage offer. Having made daily calls to Yorkshire BS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Yorkshire BS conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Yorkshire BS to deal with your lawyer's application to be on the Yorkshire BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Principality have agreed my home loan in principle, my offer on a apartment in Luton has been accepted, now what?
The estate agent will want to be informed of your lawyer's details (be sure the lawyers are on the bank’s panel). Telephone Principality or the broker and finalise any outstanding documentation. Principality will appoint a valuer who will get in contact with the selling agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes approximately a week to receive the mortgage offer. Principality will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Luton.
Despite weeks of looking the Title Certificate and documents to my home can not be found. The conveyancers who did the conveyancing in Luton 10 years ago are no longer around. What are my next steps?
You no longer need to have the physical official documentation to establish that you own the land or property, given that the Land Registry have everything they need in a digital format.
What tools are available to find a Luton conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to twentymiles to attend the conveyancer.
Feel free to make use of the find a conveyancing panel tool on this page. Please choose the lender and your location, in this case Luton and you will see a number of lawyer located nearest Luton. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.