My wife and I are planning to buy a house in Old Woking and have appointed a Old Woking conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Yorkshire Building Society have this morning contacted us to advise us that there is now an issue as our Old Woking lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard 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 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Old Woking lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
We see that you have a post code search directory identifying firms on the Lloyds conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Old Woking?
We are a listing service only for law firms wishing to communicate if they are on the Lloyds conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Old Woking.
I am purchasing a property in Old Woking. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
Given that you are obtaining a mortgage with Virgin Money your lawyer must check the formal requirements set out in Section 2 of UK Finance Lenders’ Handbook for Virgin Money. The Council of Mortgage Lenders’ Handbook sets out minimum provisions for solar panel roof-space leases, and lawyers are required to report to Virgin Money where a lease fails to satisfy these conditions. The specifications relate to the installation of panels on properties in England and Wales and is not limited to Old Woking.
My fiancee and I are in the throws of looking at apartments in Old Woking and I am now considering a potential offer. Is it wise to have my property lawyer on ‘stand by’? I will be getting a home loan with RBS.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are getting a mortgage with RBS, make sure you remember to check that your lawyer is on the RBS conveyancing panel.
I can not fathom if my lender requires a lease extension. I have called my Old Woking bank branch on numerous occasions and was informed it wasn't a problem and they will lend. My Old Woking conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your conveyancer must follow the CML Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I opted to have a survey completed on a property in Old Woking before appointing lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some banks may not grant a mortgage on this type of house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. If you e-mail us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Old Woking. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you offer any advice when it comes to choosing a Old Woking conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Old Woking conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Old Woking conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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Can they put you in touch with clients in Old Woking who can give a testimonial? What are the charges for lease extension work?
Old Woking Leasehold Conveyancing - Sample of Queries Prior to Purchasing
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How much is the maintenance charge and ground rent on the apartment? It would be prudent to find out as much as possible about the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the communal areas. Ask other people if they are happy with them. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and precisely what it includes. Does the lease contain onerous restrictions?
My lawyers in Old Woking have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the mortgage company. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the bank directly.