My fiance and I are hoping to purchase a flat in Lytham St Annes and have appointed a Lytham St Annes conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Skipton Building Society have this evening contacted us to inform me that they have now hit a problem as our Lytham St Annes solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of 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 bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Lytham St Annes solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am buying a newly constructed flat in Lytham St Annes and my solicitor is advising me that she is duty bound to the bank to disclose incentives from the seller. I am under pressure to exchange contracts and I don't want to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have been told that property searches are the main reason for stalling in Lytham St Annes house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Lytham St Annes.
I opted to have a survey completed on a property in Lytham St Annes in advance of appointing solicitors. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some banks tend refuse to issue a loan on such a home.
It depends who your proposed lender is. Santander has different instructions from Nationwide. If you contact us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Lytham St Annes. Conveyancing will be smoother if you use a solicitor in Lytham St Annes especially if they are acquainted with such properties in Lytham St Annes.
Am I right to be wary about third parties that I am dealing with are suggesting a nationwide conveyancing firm as opposed to a local Lytham St Annes conveyancing firm?
As with lots of service providers, often input from connections can be very helpful. Yet there are numerous players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may put forward lawyers to appoint. On occasion the lawyers might be known to one of the organisations as being good in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You have the right to appoint your preferred lawyer. You need to be aware that most banks specify a panel list of solicitors you must use for the lender related work in your conveyancing.