My husband and I are buying a 2 bedroom apartment in Chorley and Eccleston with a mortgage. We wish to retain our Chorley and Eccleston solicitor, but the lender says he's not on their "panel". We have to appoint one of the lender panel solicitors or keep our Chorley and Eccleston conveyancing practitioner as well as pay for one of their panel lawyers to act for them. This feels very unfair; are we not able to require that the lender use our Chorley and Eccleston property lawyer ?
No, not really. The mortgage offered to you 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 Chorley and Eccleston conveyancing lawyer to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Chorley and Eccleston? Is this really necessary?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign should stipulate this. Your lender will also require certain documents to be viewed. Where you refuse to hand over identification documents, your lawyer would not be able to accept instructions from you.
Me and my brother own a renovated Edwardian house in Chorley and Eccleston. Conveyancing solicitor represented me and Barnsley Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold under the matching property. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Chorley and Eccleston and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with the conveyancing lawyer who conducted the work.
I am buying a new build house in Chorley and Eccleston with a loan from Nottingham Building Society. The developers would not move on the amount so I negotiated £7000 of additionals instead. The property agent told me not reveal to my solicitor about the extras as it could jeopardize my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a simple, no chain conveyancing. Chorley and Eccleston is the location of the property. Can you offer any advice?
Flying freeholds in Chorley and Eccleston are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chorley and Eccleston you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chorley and Eccleston may decide 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 residence.
My husband and I are acquiring a 2 bedroom flat in Chorley and Eccleston. When we first instructed conveyancer, they told us that they were on all mainstream bank panels. The financial adviser contacted us yesterday to say that they are not on the Coventry BS approved list. If it turns out to be true, what should we do? Do we simply choose a different conveyancer that is on their panel or should we pay for separate representation, with Coventry BS appointing their own approved conveyancing practitioner.
Where you are acquiring a property needing a mortgage it is conventional for the purchaser’s lawyers to also represent the mortgage company. In order to act for a bank or building society a solicitor has to be on that lender's conveyancing panel. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the lawyer has to fulfill. Some banks now insist their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancer should contact Coventry BS to discover 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 are not legally obliged to appoint a law firm on Coventry BS's conveyancing panel and you may continue to use your own Chorley and Eccleston solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.