My fiance and I are hoping to buy a flat in Hulme and are in fact using a Hulme conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Yorkshire Building Society have this evening contacted us to advise us that they have now hit a problem as our Hulme solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is normal 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 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Hulme 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 note that you have a search directory listing solicitors on the UBS conveyancing panel. Do firms pay you a commission if I retain them for our conveyancing in Hulme?
We are a listing service only for law firms wishing to communicate if they are on the UBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Hulme.
I am in the process of refinancing my flat in Hulme, does my lawyer need to be on the HSBC Conveyancing panel?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC 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.
Does a directory service exist listing Lloyds panel solicitors in Hulme on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association sites. Very few mortgage companies make their panel listings open the public on the web. If you are seeking to appoint a Hulme solicitor on the Lloyds please use our tool.
is it true that all Hulme conveyancing solicitors on the Barclays conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Barclays conveyancing panel they would need to be governed by the SRA. The majority of mortgage companies do list licenced conveyancers on their panel and in such a situation the firms would be governed by the CLC.
I am expecting a OIP from Yorkshire BS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Hulme solicitors on the Yorkshire BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Hulme solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
It has been 2 months since my purchase conveyancing in Hulme concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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 property 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.
How does conveyancing in Hulme differ for new build properties?
Most buyers of new build residence in Hulme approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is built. This is because developers in Hulme tend to purchase 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 property lawyers 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 Hulme or who has acted in the same development.