My fiance and I are looking to purchase a home in Ingatestone and are in fact using a Ingatestone conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. TSB have this evening contacted us to advise us that they have now hit a problem as our Ingatestone solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is standard 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 Accreditation 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 bank's conveyancing panel and you may continue to use your own Ingatestone solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My wife and I swapping mortgage lender for our penthouse in Ingatestone with Bank of Ireland. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the Bank of Ireland conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Bank of Ireland conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Bank of Ireland. This is solely used to protect Bank of Ireland if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Bank of Ireland had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
My Conveyancer in Ingatestone is not listed on the Chelsea Building Society Solicitor Panel. Is it possible for me to use my family solicitor even though they are excluded from the Chelsea Building Society approved list?
Your options are as follows:
- Complete the purchase with your existing Ingatestone lawyers but Chelsea Building Society will need to use a solicitor on their list of acceptable firms. This will result in additional overall conveyancing fees as well as result in delays.
- Choose a new practitioner to to deal with the purchase, remembering to check they are Chelsea Building Society approved.
- Persuade your Chelsea Building Society solicitor to try to join the Chelsea Building Society panel
I require fast conveyancing in Ingatestone as I have an ultimatum to sign on the dotted line in less than 2 weeks. Fortunately I do not need a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
If.Given you are are a mortgage free buyer you have the choice not to have searches conducted although no lawyer would advise that you don't. With plenty of history conveyancing in Ingatestone the following are instances of issues that can crop up and therefore affect future mortgageability: Enforcement Actions, Overdue Fees, Outstanding Grants, Unadopted Roads,...
I purchased a 4 bedroom Georgian house in Ingatestone. Conveyancing practitioner represented me and Nottingham Building Society. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold with the matching address. I'd like to know for sure, how can I find out??
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ingatestone and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing lawyer who carried out the work.
I am four weeks into a residential purchase having been directed to a firm by the estate agent to handle our conveyancing in Ingatestone. We are not happy. Can you you assist me in finding new solicitors?
A solicitor would have to be very bad in order to consider changing them. Has the loan offer been issued? If so you must advise them of the replacement conveyancer and have the mortgage documents are re-sent. The solicitor ideally needs to be on the mortgage company panel to avoid added charges and frustration. That should be your starting point. Our find a solicitor tool should help you find a lender approved solicitor for your conveyancing in Ingatestone