My husband and I are hoping to buy a property in Lymm and have appointed a Lymm conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Yorkshire Building Society have this evening contacted us to inform me that they have now hit a problem as our Lymm conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is usual 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Lymm solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
As someone not used to conveyancing in Lymm what’s your top tip you can impart concerning the legal transfer of property in Lymm
Not many law firms or advisers will tell you this but conveyancing in Lymm and elsewhere in England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there is lots of opportunity for conflict between you and others involved in the house moving process. E.g., the seller, selling agent and even potentially a bank. Appointing a lawyer for your conveyancing in Lymm is a critical decision as your conveyancer is your adviser, and is the ONE person in the process whose interest is to act in your best interests and to protect you.
Every so often a potential adversary may try and persuade you that it is in your interests to do things their way. For instance, the property agent may claim to be assisting by suggesting your solicitor is wrong. Or your mortgage broker may try to convince you to do take action that is against your lawyers recommendation. You should always trust your lawyer above all other parties in the conveyancing process.
My fiance and I wish to acquire a newly converted flat in Lymm with a mortgage from Barnsley Building Society.We like our Lymm conveyancing solicitor but Barnsley Building Society advised that she’s not on their approved list of member firms. We have to appoint a Barnsley Building Society panel firm or keep our local solicitor and fork out for a Barnsley Building Society panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The home loan offered to you is subject to its various provisions, a common one being that conveyancers needs to be on the Barnsley Building Society solicitor panel. in the past, most banks had large numbers of solicitors on their panels: a borrower could find 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 Barnsley Building Society
We had chosen solicitors based in Lymm on the Co-operative solicitor approved list. They have just billed me a further fee for the legal aspects of the Co-operative mortgage. Is this a supplemental conveyancing fee specified by Co-operative?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your conveyancer is entitled to levy a fee for this. This fee is not set by Co-operative but by your Lymm lawyer. Numerous firms on the Co-operative panel will quote ’dealing with mortgage’ fee and others do not.
I have a mortgage with Clydesdale for my property in Lymm. Conveyancing was finalised some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Clydesdale?
Clydesdale must be informed of your intention prior to letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. It may be that Clydesdale 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 Clydesdale directly. You need not do this via a Clydesdale conveyancing panel firm.
About to purchase flat in Lymm. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lymm conveyancing practitioner is on the Bank of Ireland conveyancing panel.
Are there restrictive covenants that are commonly picked up during conveyancing in Lymm?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Lymm. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’