My fiance and I are hoping to acquire a house in Kidderminster and have appointed a Kidderminster conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Accord Mortgages Ltd have this afternoon contacted us to inform me that there is now an issue as our Kidderminster lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent 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 Accreditation Scheme. Your property lawyer 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Kidderminster solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I am only a couple days away from an exchange on a house in Kidderminster and my mum and dad have sent the exchange deposit to my lawyer. I am now advised that as the deposit has not arrived from me my conveyancer needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancer is legally required to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Do the Building Society Association intend to launch a searchable register to list law firms on the Darlington Building Society conveyancing panel for instance in Kidderminster?
Lexsure has not been advised of any plans on the part of the BSA to promote such a tool.
What will a local search tell me regarding the property my wife and I purchasing in Kidderminster?
Kidderminster conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company for example Xpress Legal The local search is essential in every Kidderminster conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search should supply data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I purchased a 4 bedroom Georgian property in Kidderminster. Conveyancing practitioner acted for me and Leeds Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold with the matching property. 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 as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Kidderminster and other areas of 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 buyers. You can also check the situation with your conveyancing solicitor who conducted the purchase.
I decided to have a survey done on a house in Kidderminster in advance of appointing solicitors. I have been informed that there is a flying freehold element to the house. The surveyor has said that some banks tend refuse to give a loan on such a house.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Kidderminster. Conveyancing may be slightly more expensive based on your lender's requirements.