We are buying a 1 bedroom flat in Headington with a mortgage. We like our Headington solicitor, however the mortgage company says she’s not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or keep our Headington solicitor as well as pay for one of their panel lawyers to act for them. We regard this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you 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 Headington conveyancing lawyer to apply to be on the conveyancing panel.
Is it the case that all Headington CQS (Conveyancing Quality Scheme) solicitors are on the Virgin Money conveyancing panel?
A selection of banks and building societies now utilise the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
My husband and I are spending time viewing apartments in Headington and I am about to put in an offer. Is it advisable to have my property lawyer on ‘stand by’? I am planning to take a mortgage with Coventry BS.
You should start requesting conveyancing estimates from solicitors ASAP. 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 details on to the estate agent. Given that you are taking out a mortgage with Coventry BS, ask your prospective lawyers if they are on the Coventry BS conveyancing panel otherwise they can't do the mortgage legal work.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Headington bank branch on numerous occasions and was reassured it wasn't an issue and they will lend. My Headington conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend based on their specific requirements. Who do I believe?
Provided that the conveyancing practitioner is on the mortgage company approved list, she or he must adhere to the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have justbeen informed that Arc property Solicitors have closed. They carried out my conveyancing in Headington for a purchase of a leasehold apartment 18 months ago. How can I establish that the property is not still registered in the name of the previous owner?
The quickest method to see if the property is in your name, you can make 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 Headington conveyancing specialists.
I have been on the look out for a flat up to £195,000 and identified one round the corner in Headington I like with amenity areas and transport links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Headington for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
My uncle has suggested that I use his lawyers for conveyancing in Headington. Should I use them?
No doubt it’s preferable to choose a conveyancing solicitor is to have referrals from friends or family who have actually experience in using the conveyancer that you are contemplating using.
I am buying a flat with all finances in place. I have provided conveyancer with two distinct forms of photo identification, bank statement, endless utility bills. Now he wants a copy from a probate lawyer advising that the money is in order and that it has come from inheritance and not selling fake DVD.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Headington conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.