My fiance and I are hoping to buy a 3 bedroom flat in Saffron Walden with a loan from Virgin Money.We have a Saffron Walden conveyancing lawyer but Virgin Money advised that she’s not listed on their "panel". We have to appoint a Virgin Money panel lawyer or retain our high street solicitor and fork out for a Virgin Money panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan offered to you contains various provisions, one of which will be that lawyers needs to be on the Virgin Money approved list. Until recently, most lenders 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 lawyer to apply to be on the conveyancing panel for Virgin Money
How does conveyancing in Saffron Walden differ for new build properties?
Most buyers of new build or newly converted property in Saffron Walden approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is completed. This is because house builders in Saffron Walden tend to acquire the site, 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 conveyancers 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 Saffron Walden or who has acted in the same development.
I opted to have a survey done on a house in Saffron Walden in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some lenders may not grant a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Saffron Walden. Conveyancing will be smoother if you use a solicitor in Saffron Walden especially if they are familiar with such properties in Saffron Walden.
I am downsizing from my home. My previous lawyers have shut. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Saffron Walden if that affects matters.
Do use our search tool to help you choose a solicitor for your conveyancing in Saffron Walden. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
Our conveyancing solicitor in Saffron Walden has informed me that he requires proof of ID documents asserting that this is part of his obligations as a conveyancer on the bank Conveyancing panel. Can you confirm whether this is the case?
Anti-terror and anti-money-laundering rules require Saffron Walden conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the mortgage company also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the lender's UK Finance Lenders’ Handbook requirements