My wife and I are hoping to acquire a flat in Mayfield and have appointed a Mayfield conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Godiva Mortgages Ltd have this evening contacted us to advise us that there is now an issue as our Mayfield lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also act for 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 as you are at liberty to use your preferred Mayfield lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Our solicitor has discovered a a problem with the lease for the property we are buying in Mayfield. The other side have put forward title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that he must check that the mortgage company is content with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Can I use your services to locate a Conveyancing solicitor in Mayfield even where I’m not buying or selling a house, for example if I intend to buy an office in Mayfield with a mortgage from Santander?
Our comparison service is mainly there to find residential conveyancing solicitors in Mayfield but we have recorded towards the bottom of this page a few Mayfield commercial conveyancing firms. You should make contact with the solicitors directly to establish if they can also act for Santander
Completion is due on the disposal of our £250,000 garden flat in Mayfield in 5 days. The landlords agents has quoted £408 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Mayfield?
Mayfield conveyancing on leasehold maisonettes normally involves the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to assist. They are at liberty to levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality you have no choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
Mayfield Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
This question is important as a) areas could result in problems in the block as the common areas may begin to deteriorate if services remain unpaid b) if the leaseholders have an issue with the running of the building you will wish to know about it Are any of leasehold owners in dispute over their service charge liability? Who takes responsibility for maintaining and repairing the block?
Me and my partner have just had an offer agreed on a apartment and had an appointment on Wednesday with Nationwide for the mortgage. They advised me that when it comes to selecting a solicitor that unless they are on their approved panel of solicitors then we will be subject to an an extra charge of £250+. This is is due to the fact that they would then have to select a property lawyer to act for them as well as the one we appoint for ourselves and we will be on the hook for their invoice. I have requested Nationwide to provide me with a list so I can obtain quotes only from their approved lawyers but was told they dont have such a list to hand over. Is there a simple way of finding out who is on a lender panel?
You can enquire of Nationwide what their panel criteria is for a solicitor.Thereafter ask the property lawyer of your choice whether they meet the criteria and have they acted on loans for Nationwide historically. If the answer to those is yes, then just clarify this with Nationwide. Alternatively please make use of our search facility and we may be able to identify a conveyancing practitioner in Mayfield on the approved list for Nationwide.