My wife and I are planning to buy a home in Loughborough and have instructed a Loughborough conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this afternoon contacted us to inform me that there is now an issue as our Loughborough solicitor is not on their conveyancing panel. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is usual 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 Quality Scheme. Your solicitor 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Loughborough lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My lawyer in Loughborough is not listed on the Norwich and Peterborough Building Society Approved Panel. Is it possible for me to continue with my family solicitor notwithstanding that they are excluded from the Norwich and Peterborough Building Society list of approved lawyers?
Your options are as follows:
- Carry on with your preferred Loughborough lawyers but Norwich and Peterborough Building Society will need to instruct a conveyancer on their list of acceptable firms. This will inevitably rack up the total conveyancing fees and cause delays.
- Choose a new lawyer to to deal with the purchase, not forgetting to check they are Persuade your lawyer to use their best endeavours to join the Norwich and Peterborough Building Society conveyancing panel
It has been 3 months following my purchase conveyancing in Loughborough completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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 residence 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.
Just had an offer accepted on a new build flat in Loughborough. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Loughborough
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Due to the encouragement of my in-laws I had a survey completed on a property in Loughborough in advance of appointing conveyancers. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies will refuse to give a loan on such a home.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. Should you wish to telephone us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Loughborough. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking into buying my first house which is in Loughborough and I am already nervous. I couldn't find anything specific about Loughborough. Conveyancing will be needed in due course but do you know about the Loughborough area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Loughborough. In the meantime here are some basic statistics that we found