My wife and I are planning to buy a 3 bedroom apartment in Shoreham By Sea with a mortgage. We like our Shoreham By Sea lawyer, but the mortgage company advise he's not on their "panel". We have to appoint one of the bank panel solicitors or retain our Shoreham By Sea solicitor and pay for one of their panel lawyers to represent them. This feels very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders 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. A further alternative is for your Shoreham By Sea conveyancing solicitor to apply to be on the conveyancing panel.
Some advice if I may. My Shoreham By Sea solicitor is informing me me that he is legally obliged toorder Shoreham By Sea conveyancing searches due to the fact thatthe firm are on the Lloydsconveyancing panel. Do I not have a choice here?
You have limited options available to you. Given that you are taking out a loan with a lender your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Shoreham By Sea conveyancing searches.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel conveyancer as I would much rather use a Shoreham By Sea based conveyancing firm?
You should check but the chances are that give you one of their panel solicitors should you want the "fee-free" incentive. Contact the bank to check if they make available a monetary alternative. Some lenders have previously offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Shoreham By Sea.
I decided to have a survey carried out on a property in Shoreham By Sea ahead of retaining conveyancers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some lenders will refuse to give a loan on such a home.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Shoreham By Sea. Conveyancing may be slightly more expensive based on your lender's requirements.
Are you able to explain what options are available to me if my Shoreham By Sea conveyancing searches shows negative results?
On the whole, almost all concerns arising from Shoreham By Sea conveyancing search responses can be dealt with ahead of completion or indemnity insurance can be put in place. It is crucial to remember that even though you are buying the premises and may be content to accept the search results, your lender may not, and when all said and done have the final decision.