My fiance and I wish to acquire a 2 bedroom flat in Lancing with a loan from HSBC Bank.We like our Lancing conveyancing solicitor but HSBC Bank informed us her practice is not on their "panel". we are left little option but to use a HSBC Bank panel solicitor or keep our high street solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan offered to you contains terms and conditions, a common one being that conveyancers must be on the HSBC Bank approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find 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 lawyer to apply to be on the conveyancing panel for HSBC Bank
My father informed me that in buying a property in Lancing there may be a number of restrictions preventing external changes to a property. Is this right?
We are aware of a number of properties in Lancing which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Lancing should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We are purchasing a terrace house in Lancing. The intention is to an extension at the rear at the property.Will the conveyancing process include investigations to determine if these works are prohibited?
Your property lawyer should check the deeds as conveyancing in Lancing will on occasion reveal restrictions in the title documents which prohibit categories of works or require the consent of another owner. Some works need local authority planning consent and approval in accordance building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be wise to check these issues with a surveyor before you commit yourself to a purchase.
I can not work out if my bank requires a lease extension. I have telephoned my Lancing building society branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Lancing conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. I have no idea who is right.
As long as the solicitor is on the mortgage company approved list, they must follow the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I opted to have a survey carried out on a house in Lancing before appointing solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some banks may not give a loan on this type of property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can investigate further 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 Lancing. Conveyancing will be smoother if you use a solicitor in Lancing especially if they are familiar with such properties in Lancing.
I have been advised by a few selling agents in Lancing to get a quote from a property lawyer on your site. Is there a financial incentive for Estate Agents to offer your services rather than a competitor’s?
We don’t offer any commission for sending work to this site. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Should I choose a Lancing conveyancing lawyer who is local to the property I am purchasing? I have an old university friend who can handle the legal work however they are based 200kilometers away.
The primary upside of using a local Lancing conveyancing practice is that you can attend the office to execute paperwork, present your ID and apply pressure on them where appropriate. Having local Lancing know how is a plus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and the majority were content that should surpass using an unknown Lancing conveyancing solicitor solely due to them being Lancing based.
My solicitors in Lancing have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.