My partner and I are hoping to purchase a home in Nechells and have appointed a Nechells conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Leeds Building Society have this evening contacted us to advise us that they have now hit a problem as our Nechells lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard 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 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Nechells lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I had intended to instruct a conveyancing solicitor in Nechells for our house purchase. Our broker informed us that our mortgage lenders Bank of Ireland won't deal with them. Surely this is unfair competition?
Pre- 2008 most lenders had a different appetite for risk. Almost all Nechells conveyancing firms would have been on most lender panels. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms regarding their operations and their employees and establishing certain criteria such a completing on a minimum volume of conveyancing. Many Nechells conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Nechells is one of the hundreds of areas where the conveyancers we list are are approved Bank of Ireland.
Just had an offer accepted on a new build flat in Nechells. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Nechells
Please supply a car parking plan. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I decided to have a survey done on a house in Nechells in advance of retaining lawyers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies tend not give a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Nechells. Conveyancing will be smoother if you use a solicitor in Nechells especially if they regularly deal with such properties in Nechells.
The financial adviser has recommended their solicitor for our conveyancing in Nechells - Is it not simpler better to just instruct them?
This is not necessarily the case and you are entitled to opt for whichever property lawyer you decide for your Nechells conveyancing. A conveyancing practitioner put forward by an estate agent may not always be the best solicitor, they may recommend their own conveyancing firm who are based remotely. In this instance you may not have contact with your lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain updates.