My husband and I are planning to acquire a property in Leigh and have appointed a Leigh conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Chelsea Building Society have this evening contacted us to advise us that there is now an issue as our Leigh lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent 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 Quality 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 Leigh solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our Leigh solicitor has discovered an inconsistency between the assumptions in the home valuation report and what is revealed within the legal papers for the property. My lawyer informs me that he must ensure that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action legitimate?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
We are hoping to buy a purpose built flat in Leigh with a loan from Halifax.We would like to retain our Leigh conveyancing practitioner but Halifax advised that her practice is not listed on their "panel". we are left little option but to use a Halifax panel lawyer or keep our high street solicitor and pay for a Halifax panel lawyer to act for them. This seems very unfair; Can we not simply insist that Halifax use our lawyer?
Unfortunately,no. The home loan issued to you contains various provisions, a common one being that solicitors must be on the Halifax approved list. Until recently, most mortgage companies had large numbers of law firms 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Halifax
I have justdiscovered that Wolstenholmes have closed. They conducted my conveyancing in Leigh for a purchase of a freehold house 18 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The quickest way to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Leigh conveyancing specialists.
What does commercial conveyancing in Leigh cover?
Leigh conveyancing for business premises covers a broad array of advice, supplied by qualified solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Our lenders have just issued us with a mortgage offer. We appointed a long established conveyancer in Leigh last week. Today, our financial adviser called to say that the bank said that we cannot use our solicitor as they aren't on their 'approved list'. As novices, we did not have a clue that the bank had a say Is this usual?
You are permitted to select any property lawyer you want to appoint including the said conveyancer in Leigh nevertheless if they are not on the your bank's approved list you will have to incur additional cost so the bank can instruct their own conveyancer too. It may be possible your preferred conveyancing firm to get included on to the lender list of approved firms. You can use online tools including lenderpanel.com to find a conveyancing solcitor in Leigh on the bank panel. You can go into your high street lender branch in Leigh. They will know some good conveyancing solicitors in Leigh on the panel for your lender.