My husband and I are planning to purchase a flat in Lee On The Solent and have instructed a Lee On The Solent conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Yorkshire Building Society have this afternoon contacted us to advise us that there is now an issue as our Lee On The Solent conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers 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 solicitor should contact your mortgage company 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 lender’s conveyancing panel and you may continue to use your own Lee On The Solent solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We see that you have a post code search directory listing law firms on the Nottingham conveyancing panel. Do firms pay you a referral fee if I instruct them for our conveyancing in Lee On The Solent?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Lee On The Solent.
I am purchasing a property and require a conveyancing solicitor in Lee On The Solent who is on the Clydesdale solicitor. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Clydesdale in certain locations such as Lee On The Solent. We dont recommend any particular firm.
I can not fathom if my mortgage offer requires a lease extension. I have telephoned my Lee On The Solent building society branch on numerous occasions and was reassured it wasn't a problem and they would lend. My Lee On The Solent conveyancing solicitor - who is on the lender conveyancing panel- called to say that they would not lend based on their specific requirements. I have no idea who is right.
Your property lawyer must follow the CML Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my flat. I had a double glazing fitted in October 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Co-operative are being a right pain. The Lee On The Solent solicitor who is on the Co-operative conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Co-operative are requiring a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I was told three weeks ago that my mortgage has been agreed to by Clydesdale. Is it usual for Clydesdale to only issue the offer once my solicitor in Lee On The Solent is approved on their conveyancing panel? Clydesdale have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Clydesdale to deal with your lawyer's application to be on the Clydesdale conveyancing panel. There's no guarantee that your solicitor will be accepted.
The deeds to our house can not be found. The lawyers who conducted the conveyancing in Lee On The Solent 10 years ago have long since closed. Will I be able to sell the house?
Nowadays there are copies made of almost everything, and your conveyancer will be aware precisely where to locate all the relevant paperwork so you can purchase or dispose of your property without a hitch. Where duplicates can’t be located, your lawyer may be able to arrange cover in the form of insurance or indemnities protecting you against possible claims on the premises.
I am purchasing a new build house in Lee On The Solent with the aid of help to buy. The developers refused to budge the amount so I negotiated £7000 of additionals instead. The estate agent advised me not inform my lawyer about this side-deal as it may put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.