I am nearing exchange of contracts for my flat in Leiston and the EA has just called to say that the buyers are appointing a new solicitor. I am told that this is due to the fact that the mortgage company will only work with solicitors on their approved list. Why would a major lender only engage with specific law firms rather the firm that they want to choose for their conveyancing in Leiston ?
Banks have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.
Please help. My Leiston solicitor is advising me that she is duty bound toapply for Leiston conveyancing searches asthe firm are on the Virgin Moneyapproved lawyer panel. Do I not have a choice here?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a lender your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the CML Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Leiston conveyancing searches.
I am considering remortgaging my flat in Leiston, does my lawyer need to be on the Virgin Money Conveyancing panel?
There is nothing to stop you using your solicitor, but Virgin Money will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
We previously appointed conveyancing lawyers based in Leiston on the Leeds Building Society solicitor approved list. They are now charging me an additional amount for dealing with the Leeds Building Society mortgage. Is this an additional conveyancing fee specified by Leeds Building Society?
Unfortunately, as long as it is in their Terms of Engagement or Quote then yes your conveyancing practitioner is entitled to levy a fee for this. This fee is not set by Leeds Building Society but by your Leiston solicitor. Numerous firms on the Leeds Building Society panel will charge an ‘acting for lender’ fee and others do not.
I have decided to exercise my right to buy my property in Leiston off the council. I have a mortgage agreed with RBS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
The mortgage over my property is with Yorkshire BS for my property in Leiston. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Your original mortgage agreement with Yorkshire BS will provide that you need their approval in advance of renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel solicitor.
Should our solicitor be making enquiries regarding flooding during the conveyancing in Leiston.
Flooding is a growing risk for conveyancers carrying out conveyancing in Leiston. There are those who acquire a property in Leiston, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a various searches that may be initiated by the buyer or by their lawyers which can give them a better understanding of the risks in Leiston. The conventional set of completed inquiry forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a usual question of the seller to determine whether the property has historically flooded. In the event that the property has been flooded in past which is not revealed by the vendor, then a purchaser may issue a compensation claim resulting from an misleading response. The purchaser’s conveyancers may also order an environmental search. This should higlight whether there is any known flood risk. If so, additional inquiries will need to be made.
I require the services of a bank panel solicitor in Leiston. Can you assist?
Unfortunately it’s not apparent why you need a Leiston panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the bank to find out which solicitors in Leiston are on their panel . If you do find such a firm in Leiston not listed please direct them to our site to list. After all the cost is only one £1 a month