My husband and I are hoping to buy a house in Cranfield and are in fact using a Cranfield conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Leeds Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Cranfield solicitor is not on their conveyancing panel. What do we do from here?
Where you are buying a property requiring a mortgage it is standard 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 property lawyer 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 solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Cranfield lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My fiance and I are purchasing a purpose built flat in Cranfield with a residential mortgage from Virgin Money.We would like to retain our Cranfield conveyancing lawyer but Virgin Money says her practice is not listed on their "panel". we are left little option but to use a Virgin Money panel firm or keep our high street solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Virgin Money use our lawyer?
Unfortunately,no. The home loan offered to you contains various provisions, one of which will be that lawyers will be on the Virgin Money approved list. Until recently, most banks had large numbers of solicitors 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 lawyer to apply to be on the conveyancing panel for Virgin Money
Are there restrictive covenants that are commonly picked up during conveyancing in Cranfield?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Cranfield. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build flat in Cranfield. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Cranfield
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are surveyor prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I'm refinancing my current house to a buy to let mortgage with Aldermore and intend to use the remaining equity towards another property. The neighborhood we are interested in is Cranfield. Will your lawyers be able to act for both sets of banks and tie in the conveyances?
Do use our search tool on this page to ensure that the conveyancers are approved by both banks. Having checked that they are your conveyancer will be able to connect the two transactions but you should have a chat with you lawyer and make clear your expectations and requirements.
How up-to-date is your search tool for the mortgage company conveyancing panel in Cranfield? Do the banks send you an updated list?
Cranfield firms and firms carrying out conveyancing in Cranfield themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the bank directly.