We are hoping to acquire a 2 bedroom flat in Lapworth with a mortgage. We like our Lapworth solicitor, however the lender says he's not on their "panel". It appears that we have little choice but to use one of the lender panel conveyancing practices or continue with our Lapworth solicitor and pay for one of their panel ones to act for them. We consider that this is unjust; are we not able to require that the bank use our Lapworth lawyer ?
No, not really. Your mortgage offer 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 Lapworth conveyancing solicitor to apply to be on the conveyancing panel.
Finally the sale completed on my house in Lapworth last June yet the purchaser is telephoning every few hours to say his solicitor is waiting to hear from mine. What are the post completion sale formalities following completion?
Following your disposal your lawyer should forward the transfer deeds and all supplemental paperwork to the buyer’s lawyers. If applicable, your conveyancer must also evidence that the legal charge in favour of the lender has been repaid to the purchasers solicitors. There are no post completion procedures just for conveyancing in Lapworth.
My wife and I have recently appointed a conveyancing solicitor in Lapworth. I I would like to check whether they are accepted on the Virgin Money approved list of lawyers. Can you help?
The first thing to do is e-mail your solicitor and ask them whether they can act for the lender. Otherwise you can get in touch with Virgin Money who may be able to assist.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when buying a property in Lapworth?
Unless a prior acquisition of the premises took place post 12 October 2013 you can assume that lawyers handling conveyancing in Lapworth to continue to suggest a chancel search and or chancel repair liability policy.
I'm remortgaging my primary home to a BTL mortgage with Santander and intend to use the remaining equity towards a second property. The neighborhood we are talking about is Lapworth. Will your solicitors be able to act for the two mortgage companies and link together the two deals?
Do use our comparison tool on this page to ensure that the lawyers are on the relevant lender panels. On the basis that they are your lawyer should be able to connect the two transactions but you should have a chat with you solicitor and make clear your expectations and needs.
My son is about to join the property ladder, the home loan was agreed last week in principle. When the offer was accepted on house we telephoned the lender to go forward with his. I was very surprised to hear that mortgage lenders do not accept all lawyer, they have to be on a list, is this correct?
Mortgage Companies normally restrict either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Lapworth solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.