My partner and I are hoping to purchase a home in Hadleigh and are in fact using a Hadleigh conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Ireland have this morning contacted us to inform me that there is now an issue as our Hadleigh solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of 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 Quality Scheme. Your solicitor 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 lender’s conveyancing panel and you may continue to use your own Hadleigh solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We see that you have a search directory identifying solicitors on the Yorkshire BS conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Hadleigh?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Hadleigh.
is it true that all Hadleigh conveyancing solicitors on the Leeds Building Society conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel and in such a situation the practice would be overseen by the CLC.
I had a mortgage agreed in principle with TSB. Hadleigh conveyancing lawyers have been chosen. How long does it take for TSB to forward the offer to the property lawyer?
There is no definitive answer here. Have TSB conducted the survey? Have you advised TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have paid off my mortgage with Nottingham. I assume I don't need a Hadleigh lawyer on the Nottingham panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
It has been 2 months following my purchase conveyancing in Hadleigh took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a flat up to £235,500 and identified one close by in Hadleigh I like with amenity areas and station nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Hadleigh in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can request that they start the process of the extension and pass 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 lawyer about this matter.
My husband and I are selling a Hadleigh house we inherited 8 years ago in 2011. I have over 12 years conveyancing know-how and, now retired, intend to conduct the conveyancing. The buyer's lawyer has informed me that their building society will not allow you to do your own conveyancing requiring the funds to be passed via a solicitor's bank account.
Lending requirements to conveyancing practitioners from all mainstream lenders specify that If the seller does not have legal representation the buyer’s lawyers should check whether the mortgage company needs to be informed so that a decision can be made if they are prepared to move forward.