My wife and I are planning to buy a house in Mitcheldean and are in fact using a Mitcheldean conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Accord Mortgages Ltd have this afternoon contacted us to advise us that they have now hit a problem as our Mitcheldean solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also represent the purchaser's lender. 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 Quality Scheme. Your property lawyer should contact your lender 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 bank's conveyancing panel and you may continue to use your own Mitcheldean solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
My fiance and I are purchasing a newbuild apartment in Mitcheldean with a loan from HSBC Bank.We use our Mitcheldean conveyancing practitioner but HSBC Bank says he's not on their approved list of firms. It seems we have no choice but to instruct a HSBC Bank panel lawyer or retain our local solicitor and fork out for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that HSBC Bank use our lawyer?
No, not really. The mortgage issued to you is subject to its terms and conditions, one of which will be that solicitors must be on the HSBC Bank approved list. Until recently, most banks had large numbers of solicitors on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for HSBC Bank
I decided to have a survey completed on a property in Mitcheldean ahead of instructing lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies tend refuse to grant a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Mitcheldean. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Mitcheldean to see if the conveyancing costs will increase in light of this.
How does the Landlord & Tenant Act 1954 impact my business premises in Mitcheldean and how can your lawyers assist?
The particular law that you refer to gives security of tenure to business tenants, granting the a statutory right to make a request to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act for protection and handle your commercial conveyancing in Mitcheldean
Do online conveyancing companies do everything a local Mitcheldean solicitor does or must I employ a solicitor for the final stages for my conveyancing in Mitcheldean?
If you instruct an online conveyancer they should cover all the things your Mitcheldean solicitor will cover.