My wife and I are hoping to purchase a property in Haydock and have instructed a Haydock conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barclays have this evening contacted us to inform me that they have now hit a problem as our Haydock lawyer is not on their conveyancing panel. Please explain?
If you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also act for the mortgage company. 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 property lawyer should contact your bank 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Haydock 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.
It is 10 years ago since I acquired my home in Haydock. Conveyancing lawyers have now been instructed on the sale but I am unable to find my title deeds. Is this a problem?
You need not be too concerned. Firstly the deeds may be retained by the lender or they may be in the possession of the solicitor who oversaw your purchase. Secondly the chances are that the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring up to date copy of the land registers. Most conveyancing in Haydock involves registered property but in the rare situation where your property is not registered it is more tricky but is not insurmountable.
My husband and I are purchasing a newly converted apartment in Haydock with a loan from Coventry Building Society.We have a Haydock conveyancing solicitor but Coventry Building Society says her practice is not listed on their "panel". It seems we have no choice but to instruct a Coventry Building Society panel lawyer or retain our local solicitor and fork out for one of their panel ones to act for them. This seems very unfair; Can we not simply insist that Coventry Building Society use our lawyer?
Unfortunately,no. The home loan offered to you is subject to its terms and conditions, one of which will be that lawyers needs to be on the Coventry Building Society approved list. in the past, most mortgage companies 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Coventry Building Society
The deeds to our house can not be found. The lawyers who dealt with the conveyancing in Haydock 5 years ago are no longer around. What are my next steps?
These day there are duplicates made of almost everything, and your solicitor should be aware exactly where to find all the suitable documentation so you can buy or dispose of your property without any difficulty. If duplicates are not available, your lawyer may be able to put in place insurance or indemnities protecting you against possible claims on the property.
How does conveyancing in Haydock differ for newly converted properties?
Most buyers of new build or newly converted property in Haydock approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is completed. This is because developers in Haydock typically acquire the real estate, 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 Haydock or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Haydock ahead of appointing solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some lenders tend not give a mortgage on a flying freehold home.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Haydock. Conveyancing will be smoother if you use a solicitor in Haydock especially if they are familiar with such properties in Haydock.