My wife and I are looking to purchase a house in Mitcham Junction and have instructed a Mitcham Junction conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Nationwide Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Mitcham Junction conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual 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 property lawyer 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Mitcham Junction lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Can you point me to a directory of Clydesdale panel solicitors in Mitcham Junction on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. Very few banks make their panel listings viewable online. Where you are seeking to appoint a Mitcham Junction property lawyer on the Clydesdale please make the most of our tool.
We expect to receive a DIP from Leeds Building Society this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Mitcham Junction solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint Mitcham Junction solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Mitcham Junction building society branch on various occasions and was advised it wasn't a problem and they would lend. My Mitcham Junction conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the property lawyer is on the mortgage company approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Should my lawyer be making enquiries about flooding during the conveyancing in Mitcham Junction.
Flooding is a growing risk for conveyancers carrying out conveyancing in Mitcham Junction. Plenty of people will acquire a house in Mitcham Junction, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a various checks that can be undertaken by the purchaser or by their solicitors which can give them a better appreciation of the risks in Mitcham Junction. The standard completed inquiry forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to discover whether the property has suffered from flooding. If the residence has been flooded in past and is not notified by the owner, then a buyer could commence a compensation claim as a result of such an misleading response. A purchaser’s solicitors will also order an environmental search. This should disclose if there is a recorded flood risk. If so, additional investigations should be initiated.
Are there restrictive covenants that are commonly identified during conveyancing in Mitcham Junction?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Mitcham Junction. 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…’
I need to instruct a conveyancing solicitor in Mitcham Junction for my house move. Is it possible to see a firm’s record with the legal regulator?
You can find documented Solicitor Regulator Association (SRA) determinations stemming from investigations from 2008 onwards. Go to Check a solicitor's record. To find records Pre 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The SRA sometimes monitor telephone calls for training reasons.