Me and my fiance are intending to buy a 1 bedroom flat in Haslington with a mortgage. We have a Haslington conveyancer, however the bank says she’s not on their "panel". It appears that we have no option but to select one of the lender panel conveyancing practices or retain our Haslington property lawyer as well as pay for one of their panel lawyers to act for them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer 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 Haslington conveyancing solicitor to apply to be on the conveyancing panel.
All was ready to complete my purchase in Haslington next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Haslington.
I have justdiscovered that Stirling Law have closed. They carried out my conveyancing in Haslington for a purchase of a freehold house 18 months ago. How can I establish that my home is not still registered in the name of the previous owner?
The quickest way to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Haslington conveyancing specialists.
How does conveyancing in Haslington differ for new build properties?
Most buyers of new build property in Haslington approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because builders in Haslington typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Haslington or who has acted in the same development.
I am downsizing from my property. My past conveyancers have shut. It would be helpful to have a recommendation of a conveyancing firm. Im based in Haslington if that makes things easier.
Do use our search tool to help you find a solicitor for your conveyancing in Haslington. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes smoothly.
Our lawyer in Haslington has uncovered a defect with the lease for the flat we are purchasing in Haslington. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the mortgage company conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.