My husband and I are planning to acquire a property in Wavertree and have instructed a Wavertree conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Godiva Mortgages Ltd have this afternoon contacted us to inform me that they have now hit a problem as our Wavertree solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Wavertree lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Why is leasehold purchase conveyancing in Wavertree is more expensive?
Wavertree leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
We are selling our apartment in Wavertree. Does the conveyancer have to be required to be on the RBS conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
I'm converting the mortgage on my current home to a BTL loan with Britannia and I will use the ballance of the raised equity as a deposit on further house. The area we are looking at is Wavertree. Will your lawyers be able to act for both sets of mortgage companies and link together the conveyances?
Make use of our comparison tool on this page to be sure that the solicitors are approved by both mortgage companies. Having checked that they are your conveyancer should be able to tie up the two deals but you should talk with you lawyer and make apparent your expectations and needs.
Is it best to choose a Wavertree conveyancing practitioner in close proximity to the house I am purchasing? We have a good friend who can carry out the legal formalities however her office is approximately 350miles drive away.
The primary upside of using a high street Wavertree conveyancing firm is that you can drop in to execute paperwork, deliver your identification documents and pester them if necessary. They will also have local intelligence which is a bonus. However it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and in the main were content that should outweigh using an unknown Wavertree conveyancing solicitor solely due to them being local.