My husband and I are purchasing a 3 bedroom apartment in Thatcham with a mortgage. We have a Thatcham lawyer, but the mortgage company says he's not on their "panel". We have to appoint one of the bank panel solicitors or retain our Thatcham conveyancing practitioner as well as pay for one of their panel ones to represent them. This feels very unfair; are we not able to require that the mortgage company use our Thatcham conveyancer ?
Unfortunately,no. 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. A further alternative is for your Thatcham conveyancing lawyer to apply to be on the conveyancing panel.
Can you suggest a Nottingham Building Society approved Thatcham conveyancing solicitor finish our house move within less than a month? Would it be better to use a high street Thatcham conveyancer or a factory type comparison site?
We can recommend some very good Thatcham conveyancing firms. You can also walk up the main road in Thatcham. Approach some well established firms and ask to see a conveyancing solicitor for a quote. Discuss your deadline together with your reasons and ask for a commitment on speed. Select the one that genuine.
I had intended to instruct a property lawyer in Thatcham for our house purchase. Our financial adviser informed us that our bank Godiva Mortgages Ltd won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most mortgage companies had a different appetite for risk. Almost all Thatcham conveyancing firms would have been on most mortgage company panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms relating to their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many Thatcham conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Thatcham is one of the numerous areas where the lawyers we recommend are members of the panel for Godiva Mortgages Ltd.
My lawyer has informed me that chancel insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Thatcham?
The appropriate level of chancel indemnity insurance should be dictated by who who your lender is. It would differ for example between HSBC Bank and Bank of Scotland. Conveyancing lawyers as opposed to members of the public take out such policies.
How can we tell if a Thatcham conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Thatcham getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor conducting your transaction.
I have a mortgage with Virgin Money for my property in Thatcham. Conveyancing has been completed months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
You must advise Virgin Money before renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel solicitor.
What makes your site different to alternative online quote calculators when it comes to conveyancing in Thatcham?
At this site obtain an accurate quote from a Solicitor or Licensed Conveyancer that understands the issues of your conveyancing in Thatcham. Unlike many estate agents and many comparison sites we do not charge firms a fee if you instruct them for your home move in Thatcham