I am purchasing a ground floor flat in Padstow. My Solicitor is not on the lender approved panel. Can I still continue with my Padstow conveyancing solicitor notwithstanding that they are excluded from the bank approved list?
You have numerous choices available to you here
- Complete the purchase with your existing Padstow conveyancer but your lender will undoubtedly instruct a conveyancer from their approved list. The net result is additional fees and potential frustration.
- Get a fresh solicitor to act in the purchase, obviously checking they are on the lender conveyancing panel.
- Convince your conveyancer to do everything within their powers to get listed on the mortgage company conveyancing panel
Why is leasehold purchase conveyancing in Padstow costs more?
In short, leasehold conveyancing in Padstow and elsewhere usually warrants more work compared to freehold conveyancing. This includes checking the lease terms, communicating with the landlord concerning the service of required notices, obtaining current service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
Please explain the implications if my lawyer’s firm is expelled from the UBS Conveyancing panel ahead of completing my conveyancing in Padstow?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I have decided to exercise my right to buy my property in Padstow off the council. I have a mortgage agreed with Aldermore. 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 Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
After months of negotiation I have agreed a price on a house in Padstow. My financial adviser pressured me to appoint their conveyancing practitioner. I paid an advanced payment of £150. A couple of days later, the lawyer contacted me sheepishly admitting that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told three weeks ago that my mortgage has been agreed to by TSB. Is it usual for TSB to only issue the offer once my solicitor in Padstow is approved on their conveyancing panel? TSB have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have been on the look out for a flat up to £195,000 and found one near me in Padstow I like with a park and railway links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Padstow for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
My son is just in the process of moving home, the home loan was agreed last week in principle. When the seller agreed the offer on the house we rang the bank to progress the mortgage application. We were disappointed to learn that mortgage lenders do not accept all conveyancer, they must be on their panel, is this correct?
Banks normally imposes restrictions either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Padstow property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.