Me and my fiance are buying a 3 bedroom flat in Newent with a mortgage. We like our Newent lawyer, but the bank advise she’s not on their "panel". We have to appoint one of the lender panel firms or keep our Newent conveyancing practitioner and pay for one of their panel ones to act for them. We consider that this is unjust; can we not insist that the mortgage company use our Newent property lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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 Newent conveyancing solicitor to apply to be on the conveyancing panel.
My husband and I are approaching an exchange on a house in Newent and my parents have sent the ten percent deposit to my conveyancer. I am now informed that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
Your solicitor is obliged to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
My wife and I are purchasing a property in Newent. I might seem paranoid but how we can trust a solicitor? On the day of competition we have to deposit funds into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We previously chose conveyancing lawyers with offices in Newent on the Kent Reliance solicitor panel. They have just billed me an additional charge for handling the Kent Reliance mortgage. Is this an additional conveyancing fee set by Kent Reliance?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your solicitor can levy a fee for this. This charge is not dictated by Kent Reliance but by your Newent conveyancing practitioner. Some firms on the Kent Reliance panel will levy an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
My wife and I have organised a further advance on our home loan from TSB as we intend to carry out a loft conversion to our home in Newent. Do we need to choose a nearby Newent solicitor on the TSB conveyancing panel to deal with the paperwork?
TSB would not normally instruct a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB panel.
My colleague recommended that if I am purchasing in Newent I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Newent conveyancing searches. It is a large report of about 40 pages, listing and detailing significant information about Newent around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Newent.
I need to appoint a conveyancing solicitor for freehold conveyancing in Newent. I've land on a web site which looks to be the perfect solution If there is a chance to get all the legals done via phone that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Builders have put forward a conveyancing practitioner and I've sought an estimate from them. It's almost £400 cheaper than my local Newent conveyancer. What's the catch?
Builders often have lists of conveyancers who are quick and who know the builder's paperwork and solicitor. Plenty of developers offer an inducement to use a preferred conveyancing practitioner for this reason, any increased charges can be avoided and a builder won't put forward a conveyancing factory and run the risk of having the conveyancing stall when they demand an exchange within a tight deadline. A counter-argument for not agreeing to use the recommended property lawyer is that they may prove hesitant to fight for your interests at the risk of alienating the housebuilder. Where you have concerns that this may be the case you should keep with your high street Newent solicitor.