My fiance and I are planning to purchase a flat in Rawdon and Yeadon and have instructed a Rawdon and Yeadon conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Aldermore have this morning contacted us to inform me that they have now hit a problem as our Rawdon and Yeadon conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also act for 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Rawdon and Yeadon solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Our bank has suggested a law firm on their panel based in Rawdon and Yeadon but I would rather choose a conveyancing lawyer in Rawdon and Yeadon round the corner to me. Can you assist?
Far from all Rawdon and Yeadon conveyancing practitioners are listed all lender’s conveyancing panel. Use the above find an approved solicitor tool to find a Rawdon and Yeadon conveyancing conveyancer on the on the mortgage company panel.
How does conveyancing in Rawdon and Yeadon differ for newly converted properties?
Most buyers of new build premises in Rawdon and Yeadon come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in Rawdon and Yeadon tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Rawdon and Yeadon or who has acted in the same development.
Over the last few months I have been searching for a flat up to £305k and identified one round the corner in Rawdon and Yeadon I like with open areas and transport links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Rawdon and Yeadon in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease may be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I yesterday discovered that one of the partners of the solicitors handling the purchase conveyancing in Rawdon and Yeadon is an aunty of the seller. Is this acceptable?
As long as no conflict arises this is permitted. Where you are requiring mortgage finance then the bank may have a say as many lenders have specific instructions concerning this. For example for Lloyds TSB Scotland as of 13/12/2018, the requirements read as follows :