Me and my partner are purchasing a 1 bedroom flat in Stourbridge with a mortgage. We like our Stourbridge solicitor, but the bank advise he's not on their "panel". It appears that we have no choice but to instruct one of the bank panel conveyancing practices or retain our Stourbridge solicitor as well as pay for one of their panel lawyers to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you 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. Another option that might be available is for your Stourbridge conveyancing lawyer to apply to be on the conveyancing panel.
In what way does my ID and proof of funds have anything to do with my conveyancing in Stourbridge? Is this really necessary?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identification documents of the person or body they are dealing with prior to agreeing to accepting their conveyancing business. The Terms of Engagement that you are required to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you refuse to provide ID verification documents, your conveyancer would not be able to act for you.
My Solicitor in Stourbridge is not on the Godiva Mortgages Ltd Conveyancing Panel. Is it possible for me to retain my prefered solicitor even though they are excluded from the Godiva Mortgages Ltd panel of approved conveyancing solicitors?
The limited options available to you here include:
- Complete the purchase with your existing Stourbridge lawyers but Godiva Mortgages Ltd will need to use a conveyancer on their list of acceptable firms. This will result in additional total conveyancing charges as well as result in frustration.
- Choose an alternative practitioner to act in the purchase, not forgetting to check they are Persuade your lawyer to do everything within their powers to join the Godiva Mortgages Ltd conveyancing panel
3 months have gone by since my purchase conveyancing in Stourbridge took place. I have checked the Land Registry website 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 asset 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.
Due to the input of my in-laws I had a survey completed on a house in Stourbridge in advance of appointing lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some lenders tend refuse to give a loan on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. If you contact us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Stourbridge. Conveyancing will be smoother if you use a solicitor in Stourbridge especially if they are acquainted with such properties in Stourbridge.