My partner and I are looking to acquire a house in Marshfield and are in fact using a Marshfield conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Chelsea Building Society have this morning contacted us to inform me that they have now hit a problem as our Marshfield lawyer is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' solicitors 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 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Marshfield lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My conveyancer has uncovered a a problem with the lease for the property we are buying in Marshfield. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the lender is content with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. The appropriate lender provisions must be adhered to.
Due to the advice of my in-laws I had a survey completed on a house in Marshfield prior to appointing solicitors. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies will refuse to issue a mortgage on such a house.
It varies from the lender to lender. Santander has different requirements from Nationwide. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Marshfield. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been advised by three or four local selling agents in Marshfield to choose a solicitor using your seach tool. Is there a financial incentive for Estate Agents to market your lawyers over and above a competitor’s?
We refuse to give any financial incentive for directing people to this site. We found it would be just too difficult a fee as a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
What tools are available to search for a Marshfield conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to 15miles to attend the lawyer.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location, in this case Marshfield and you will see a number of lawyer located nearest Marshfield. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the bank solicitor panel.