My husband and I are looking to acquire a property in Frimley and are in fact using a Frimley conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Norwich and Peterborough Building Society have this evening contacted us to advise us that they have now hit a problem as our Frimley solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors 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 lender 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 and you may continue to use your own Frimley solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am only a couple days away from an exchange on a flat in Frimley and my mum and dad have transferred the ten percent deposit to my lawyer. I am now told that as the deposit has not come from me my lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your conveyancing practitioner is duty bound to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Are the BSA intent on creating a online directory to to identify solicitors on the Coventry BS conveyancing panel for example in Frimley?
We are not aware of any intention on the part of the BSA to promote such a tool.
I am looking for a flat up to £305k and identified one near me in Frimley I like with open areas and transport links in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Frimley in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
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At this site secure an accurate costs illustration via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Frimley. Unlike many estate agents and brokerage sites we are not in the business of charging firms a fee if you instruct them for your conveyancing in Frimley
My lawyers in Frimley have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the lender directly.