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approved by Capital Home Loans
Ready to buy a new home? Failing to check that a lawyer is on the Capital Home Loans list of approved solicitors can put your transaction at risk of delay or failure.
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My fiance and I are first time buyers. Within the 48 hours our conveyancer has forwarded the sale agreement to sign with a detailed report with the expectation that exchange is imminent. Capital Home Loans have this evening contacted us to advise us that there is now an issue as our solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for 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 solicitors should contact Capital Home Loans and see if they can apply for membership of the Capital Home Loans conveyancing panel, but if that is not viable Capital Home Loans will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Capital Home Loans conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am purchasing a newly built apartment and my conveyancer is informing me that she is duty bound to reveal incentives from the developer as her firm is on the Capital Home Loans conveyancing panel. I am nearing the developer’s deadline to exchange contracts and I have no desire to prolong matters. Can I insist on an exchange regardless of what my lawyer says about being on the Capital Home Loans panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Capital Home Loans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Capital Home Loans). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am purchasing a flat and need a conveyancing solicitor in Liverpool who is on the Capital Home Loans solicitor. Can you recommend a local firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Capital Home Loans . We don’t recommend any particular firm.
I was supposed to move into my flat yesterday. My lawyer’s firm is on the Capital Home Loans conveyancing panel but has moved offices in the past couple of months and had not advised Capital Home Loans of their new address. Capital Home Loans is now refusing to release my funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Capital Home Loans branch or your mortgage broker to see if they can help.
When it comes to lenders such as Capital Home Loans do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Capital Home Loans be concerned
Given that you are obtaining a mortgage with Capital Home Loans your lawyer must to check the Capital Home Loans conveyancing instructions contained in the Part of CML Handbook for Capital Home Loans . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Capital Home Loans where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Capital Home Loans?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Capital Home Loans conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Capital Home Loans and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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