My fiance and I are hoping to acquire a property in Rothbury and are in fact using a Rothbury conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Nottingham Building Society have this morning contacted us to inform me that they have now hit a problem as our Rothbury lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage 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 Accreditation 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Rothbury solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
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We work with numerous conveyancing lawyers carrying out right to buy conveyancing work Do get in touch with the solicitors listed in order to secure a conveyancing quote.
My apartment in Rothbury is up for sale and I have a buyer. Will my conveyancing practitioner need to be required to be on the Kent Reliance conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Kent Reliance conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
three months have gone by following my purchase conveyancing in Rothbury concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Our solicitor in Rothbury has discovered a a problem with the lease for the apartment we are purchasing in Rothbury. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the lender?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Rothbury conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. The appropriate lender requirements have to be complied with by the lender conveyancing panel who has to balance acting for you and the bank