My husband and I are looking to acquire a flat in Castle Cary and are in fact using a Castle Cary conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Platform Home Loans Ltd have this afternoon contacted us to inform me that they have now hit a problem as our Castle Cary lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers 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 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Castle Cary lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am hoping to move into my new home in Castle Cary next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not unique to conveyancing in Castle Cary.
Can you explain why leasehold purchase conveyancing in Castle Cary is more expensive?
Castle Cary 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.
How do I find out if the solicitor handling my conveyancing in Castle Cary is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Britannia thus spending £192.00 in another set of conveyancing costs.
Please do make use of the search tool on this web page. Pick the lender and type ‘Castle Cary’ or your preferred area and you will see a number of lawyer based in Castle Cary or by proximity to you.
We are selling our house in Castle Cary and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any high street Castle Cary lawyer would know this is not the case. For the life of me I don't know why the buyers instructed a factory type conveyancing practice as opposed to a conveyancing solicitor in Castle Cary. Having lived in Castle Cary for six years we know that this is a non issue. Do we contact our local Authority to get clarification that the buyers are looking for.
It sounds as though you may have a conveyancing firm already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I have noted on a number of online forums that when selecting a conveyancing firm they must be approved by your lender. This is my first home move but I have an AIP with Birmingham Midhshires and I already have a bricks and morter conveyancing lawyer in Castle Cary at the ready. Will Nat West Bank need an approved solicitor to be instructed? Does a list of panel conveyancers even exist so I can choose a conveyancing lawyer in Castle Cary?
You need to use a solicitor that is on the Nat West Bank panel. Just call your chosen Castle Cary conveyancing lawyer to check if they are on the Nat West Bank panel. If they are not approved you have a couple of choices available to you here:
- Complete the deal with your preferred Castle Cary lawyer but Nat West Bank will undoubtedly retain a lawyer from their approved panel. This will result in additional charges together with probable interruption.
- Get a new conveyancer to conduct the conveyancing, not forgetting to check that they are on the Nat West Bank conveyancing panel.
- Convince your lawyer to apply to join the bank panel.