we are a couple who intend to purchase a newly converted flat in Aldeburgh with a mortgage from Nottingham Building Society.We would like to retain our Aldeburgh conveyancing lawyer but Nottingham Building Society informed us his firm is not on their "panel". we are left little option but to use a Nottingham Building Society panel firm or keep our local solicitor and fork out for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Nottingham Building Society use our lawyer?
Unfortunately,no. The mortgage issued to you is subject to its terms and conditions, one of which will be that conveyancers will be on the Nottingham Building Society conveyancing panel. in the past, most banks 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Nottingham Building Society
I happen to be the single recipient of my late grandmother’s will and I have everything in my name now, including the my former home in Aldeburgh. Conveyancing formalities meant that the Land Registry date was in May. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', which means that my property ownership may be treated the same way as though I had purchased the property in May. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. Most banks would take a sensible view as this clause is primarily there to pick up on subsales or the flipping of properties.
Planning on purchasing a flat in Aldeburgh. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Aldeburgh lawyer is on the Coventry BS conveyancing panel.
I was told four weeks ago that my mortgage has been agreed to by Santander. Is it usual for Santander to only issue the offer once my solicitor in Aldeburgh is approved on their conveyancing panel? Santander have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Santander to deal with your lawyer's application to be on the Santander conveyancing panel. There's no guarantee that your solicitor will be accepted.
2 months have elapsed since my purchase conveyancing in Aldeburgh took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Aldeburgh is the location of the property. Can you shed any light on this issue?
Flying freeholds in Aldeburgh are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Aldeburgh you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Aldeburgh may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Am I right to be suspicious about 3rd parties that I am dealing with are suggesting a factory type conveyancing firm rather than a local Aldeburgh conveyancing company?
As is the case with many professional services, often recommendations from family and friends can be very helpful. But there are many people with a keen interest in a conveyancing matter; estate agents, mortgage brokers and lenders might all recommend conveyancers to use. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but sometimes there exists a commercial relationship behind the recommendation. You are free to select your preferred conveyancer. Don't forget that many lenders have an approved list of lawyers you have to use for the lender aspect of your house move.
We are a fortnight into a residential purchase having been recommend to solicitors by the selling agent to carry out the conveyancing in Aldeburgh. I am am very frustrated with the level of service. Could you help me find new solicitors?
They would have to be really bad to suggest replacing them. Has your mortgage offer been generated? In the event that it has you need to inform them of the new contact details and have the loan are re-issued. The conveyancer needs to be on the mortgage company panel to avoid added fees and complications. So that should be your starting point. Our search tool should assist you in finding a lender approved conveyancer for your conveyancing in Aldeburgh