My wife and I are planning to buy a 3 bedroom apartment in Victoria with a mortgage. We wish to retain our Victoria conveyancer, however the mortgage company advise she’s not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or continue with our Victoria conveyancer and pay for one of their panel lawyers to act for 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 bank’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 Victoria conveyancing lawyer to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Victoria? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the ID of the potential client they are dealing with prior to agreeing to accepting their conveyancing instruction. The Client Care letter that you need to sign should stipulate 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 supply identification documents, your conveyancer would not be able to accept instructions from you.
When it comes to lenders such as TSB, do Victoria conveyancers have to pay a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We have a mortgage agreed in principle with Yorkshire BS. Victoria conveyancing solicitors were appointed. How long does it take for Yorkshire BS to send the offer to the conveyancer?
There is no definitive answer here. Have Yorkshire BS completed the survey? Have you advised Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
HSBC have agreed my mortgage in principle, my bid on a property in Victoria has been accepted, what are the next steps?
The property agent will want to know who your solicitors are (be sure the lawyers are on the lender’s panel). Call up HSBC or your broker and finish off any outstanding paperwork. HSBC will sellect a valuer who will get in contact with the selling agent or vendor to schedule a slot for the valuation to take place. Once carried out (assuming no problems) it takes approximately a fortnight to receive the mortgage offer. HSBC will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Victoria.
I have been on the look out for a leasehold apartment up to £195,000 and identified one near me in Victoria I like with amenity areas and station nearby, the downside is that it only has 52 years on the lease. There is not much else in Victoria in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage that many years may be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
How difficult is it to transfer to a new solicitor as I need to retain a firm on the Birmingham Midshires conveyancing panel. I had appointed a family conveyancing solicitor in Victoria round the corner but she is not approved by Birmingham Midshires
We will our best to assist in finding you a conveyancing solicitor in Victoria on the Birmingham Midshires panel. Please note that the property lawyers that we list do not pay us a referral fee if you instruct them and are authorised and regulated by the SRA who oversee all conveyancing solicitors in Victoria. In utilising search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Victoria.