My wife and I are planning to acquire a house in Lytchett Matravers and are in fact using a Lytchett Matravers conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Nottingham Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Lytchett Matravers 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' lawyers to also represent the mortgage company. 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 lender 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 bank's conveyancing panel and you may continue to use your own Lytchett Matravers solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
we are a couple who are hoping to buy a 3 bedroom flat in Lytchett Matravers with a homeloan from Yorkshire Building Society.We have a Lytchett Matravers conveyancing solicitor but Yorkshire Building Society says his firm is not on their approved list of firms. It seems we have no choice but to instruct a Yorkshire Building Society panel lawyer or keep our local solicitor and fork out for a Yorkshire Building Society panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan offered to you contains terms and conditions, a common one being that conveyancers will be on the Yorkshire Building Society solicitor panel. Until recently, 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Yorkshire Building Society
This question may be naive but I am unseasoned as a first time buyer of a ground floor flat in Lytchett Matravers. Do I pick up the keys to the property on the completion date from my solicitor? If this is the case, I will find a local conveyancing solicitor in Lytchett Matravers?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the seller's conveyancers, and shortly after the monies have arrived, you should be invited to pick up the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
A relative informed me that in buying a property in Lytchett Matravers there may be various restrictions limiting what one can do in terms of external changes to the property. Is this right?
We are aware of a number of properties in Lytchett Matravers which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Lytchett Matravers should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Does a directory service exist listing Lloyds panel conveyancers in Lytchett Matravers on the Council of Mortgage Lender’s Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. Very few mortgage companies make their panel listings viewable on the web. If you are looking for a Lytchett Matravers conveyancer on the Lloyds please make the most of our facility.
Are there restrictive covenants that are commonly identified during conveyancing in Lytchett Matravers?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Lytchett Matravers. 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…’
Why can I not complete our conveyancing in Lytchett Matravers on May bank holiday?
Because on completion the sale price needs to pass between the banks of the purchaser and seller's conveyancing practitioner and at present this can only occur on a working day. So you can't complete on a weekend either.