My wife and I are looking to buy a flat in Groby and are in fact using a Groby conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report 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 Groby solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance of 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Groby solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I am considering applying for a Kent Reliance mortgage for purchase of a newly converted (under development) in Groby with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?
In theory, you could use a solicitor that is not on the Kent Reliance conveyancing panel, but Kent Reliance would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
My aunt advised me that in purchasing a property in Groby there could be a number of restrictions limiting what one can do in terms of external alterations to the property. Is this right?
There are anumerous of properties in Groby which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Groby should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Does a directory service exist listing HSBC panel solicitors in Groby on the Council of Mortgage Lender’s Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. A small selection of mortgage companies make their panel listings visible on the web. If you are in need of a Groby conveyancing practitioner on the HSBC please make the most of our tool.
My wife and I are in the throws of looking at apartments in Groby and I am about to put in an offer. Should I already have a conveyancer appointed at this point? I will be getting a mortgage with Aldermore.
It would be wise to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are obtaining a mortgage with Aldermore, make sure you remember to check that your lawyer is on the Aldermore conveyancing panel.
What does a local search inform me regarding the property I am purchasing in Groby?
Groby conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example PSG The local search is essential in every Groby conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I have been on the look out for a flat up to £195,000 and identified one near me in Groby I like with a park and railway links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Groby in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
We are one month into a leasehold purchase having been directed to solicitors by the local agent to handle our conveyancing in Groby. I am am very disappointed with the quality of service. Could you help me find new conveyancers?
They would have to be very poor to suggest diss instructing them. Has your mortgage offer been sent? If so you need to make them aware of the new conveyancer and get the offer are re-sent. Your solicitor ideally needs to be on the lenders approved list to avoid added fees and delays. That should be your first question of the new lawyers. The search tool will assist you in finding a lender approved lawyer for your conveyancing in Groby