My partner and I are planning to acquire a property in Murton and have appointed a Murton conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Barclays have this morning contacted us to inform me that they have now hit a problem as our Murton conveyancer is not on their conveyancing panel. What do we do from here?
Where you are buying a property needing a mortgage it is usual for the purchasers' solicitors 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 Quality 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 and you may continue to use your own Murton solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We are a couple about to exchange contracts for a semi detached house in Murton. We encountered a snag. The loan offer with Bank of Ireland runs out on 16/11/2020 but the sellers are suggesting a completion date of 18/11/2020. Is it possible to extend the loan offer?
The person best placed to deal with your issue is your conveyancer who will hopefully assess whether he or she is corresponding with the lender, vendor’s lawyers, selling agents or possibly all parties taking into account the circumstances your conveyancing as of today.
My fiance and I intend to purchase a purpose built flat in Murton with a loan from Virgin Money.We would like to retain our Murton conveyancing lawyer but Virgin Money advised that she’s not listed on their approved list of member firms. we are left little option but to use a Virgin Money panel firm or retain our high street solicitor and pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The home loan offered to you contains terms and conditions, a common one being that conveyancers must be on the Virgin Money approved list. Until recently, most banks 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Virgin Money
A colleague suggested that if I am buying in Murton I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Murton conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Murton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Murton.
My uncle has suggested that I use his conveyancing solicitors in Murton. Should I use them?
Much as we are happy to recommend a Murton conveyancing lawyer the best way to find a conveyancing practitioner is to have guidance from friends or relatives who have actually previously instructed the firm that you are considering.