My partner and I are hoping to purchase a flat in Levenshulme and have instructed a Levenshulme conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. HSBC Bank have this afternoon contacted us to inform me that they have now hit a problem as our Levenshulme solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage 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 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Levenshulme solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
We note that you have a post code search directory identifying law firms on the Kent Reliance conveyancing panel. Do companies pay you a referral fee if I appoint them for our conveyancing in Levenshulme?
We are a listing service only for law firms wishing to communicate if they are on the Kent Reliance conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Levenshulme.
I am expecting a AIP from Leeds Building Society this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Levenshulme solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint Levenshulme solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
I have paid off my mortgage with Bank of Ireland. I assume I don't need a Levenshulme conveyancer on the Bank of Ireland panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
It is not clear whether my bank requires a lease extension. I have called my Levenshulme building society branch on numerous occasions and was told they are content with the situation and they will lend. My Levenshulme conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend in accordance with their published requirements. I simply don't know who is right.
Your property lawyer must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
3 months have gone by following my purchase conveyancing in Levenshulme concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Levenshulme is the location of the property. Can you offer any guidance?
Flying freeholds in Levenshulme are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Levenshulme you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Levenshulme may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My husband and I are new on the property ladder - had an offer accepted, but the selling agent told us that the vendor will only issue a contract if we instruct the agent's recommended conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a local conveyancer with experience of conveyancing in Levenshulme
It is unlikely the sellers are behind this. If they desire ‘a quick sale', taking such a hostile approach to a motivated buyer is is going to put the whole deal at risk. Contact the sellers directly and make sure they understand (a)you are genuine buyers (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you are going to use your own,trusted Levenshulme conveyancing firm - as opposed tothe ones that will give the estate agent a referral fee or hit his conveyancing targets pre-set by HQ.