We are intending to purchase a 3 bedroom apartment in Maldon with a mortgage. We have a Maldon lawyer, however the bank says he's not on their "panel". It appears that we have little option but to use one of the bank panel firms or keep our Maldon conveyancer as well as pay for one of their panel lawyers to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders 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. A further alternative is for your Maldon conveyancing solicitor to apply to be on the conveyancing panel.
Some advice if I may. My Maldon lawyer is advising me that he has toorder Maldon conveyancing searches asthe firm are on the HSBCsolicitor panel. Is my solicitor right?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a mortgage company your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Maldon conveyancing searches.
Do all mortgage companies provide you with an approved list of Maldon conveyancing solicitors? How do you know who is on the Nottingham conveyancing panel?
Maldon conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Maldon I like with open areas and railway links in the vicinity, however it's only got 49 years unexpired on the lease. I can't really find anything else in Maldon in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I am one month into a freehold purchase having been directed to conveyancers by the local agent to execute conveyancing in Maldon. We are not happy. Could you help me find new solicitors?
They would need to be very poor in order to consider replacing them. Has your mortgage offer been sent? If so you will need to inform them of the replacement lawyer and have the offer are issued to the new lawyers. Your solicitor ideally needs to be on the lenders approved list to avoid supplemental costs and frustration. That should be your first question of the new conveyancers. Our find a solicitor tool will help you find a lender approved lawyer for your conveyancing in Maldon