Me and my fiance are hoping to buy a 1 bedroom flat in Aintree with a mortgage. We have a Aintree solicitor, however the lender advise she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Aintree conveyancer and pay for one of their panel lawyers to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer 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 Aintree conveyancing solicitor to apply to be on the conveyancing panel.
We are a couple about to exchange contracts for a ground floor flat in Aintree. We have hit a problem. The loan offer with Virgin Money runs out on 22/1/2025 but the owners are insisting on a completion date of 24/1/2025. Can one prolong the loan expiry date?
The best person to address this concern is your lawyer who should calculate whether they should be discussing with the bank, vendor’s solicitors, estate agents or conceivably all three taking into account the history of your conveyancing as of today.
What does my ID and proof of funds have anything to do with my conveyancing in Aintree? Is this really necessary?
To satisfy the Money Laundering Regulations any Aintree conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to investigate not simply the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this may result in your solicitor ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to inform the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Please explain the implications if my solicitor is suspended from the Clydesdale Solicitor panel ahead of completing my conveyancing in Aintree?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one close by in Aintree I like with amenity areas and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Aintree in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage that many years may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
In surfing the world wide web for the phrase cheap conveyancing in Aintree it shows results of numerous property lawyersin the area. How do I determine which is the right solicitor for me?
The ideal method of finding the right conveyancer is via trusted testimonial, so enquire of colleagues and family who have acquired a property in Aintree or a respected estate agent or financial adviser. Charges for conveyancing in Aintree differ, so it's a good idea to secure at least four quotes from varying types of companies. Be sure to seek confirmation that the costs are assured not to increase.