I am nearing exchange of contracts for my ground floor flat in Porthleven and the EA has just e-mailed to advise that the purchasers are changing their property lawyer. The excuse is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain lawyers rather the firm that they want to select for their conveyancing in Porthleven ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.
I am thinking of mortgaging my home in Porthleven, does my lawyer need to be on the Co-operative Solicitor panel?
There is nothing to stop you using your solicitor, but Co-operative will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
A friend pointed out to me me that in buying a property in Porthleven there may be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are a number of properties in Porthleven which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Porthleven should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My partner and I have organised the release of further funds on our home loan from RBS as we intend to carry out a loft conversion to our property in Porthleven. Do we need to appoint a local Porthleven solicitor on the RBS conveyancing panel to handle the paperwork?
RBS don't usually appoint a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS list.
It is unclear whether my bank requires a lease extension. I have telephoned my Porthleven bank branch on various occasions and was told it wasn't an issue and they would lend. My Porthleven conveyancing solicitor - who is on the lender conveyancing panel- called to say that they would not lend based on their specific requirements. I have no idea who is right.
Your property lawyer must follow the Council of Mortgage Lenders’ Handbook section two conditions 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
About to purchase a new build flat in Porthleven. Conveyancing is daunting 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 conveyancing.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Porthleven
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Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Due to the guidance of my in-laws I had a survey completed on a house in Porthleven in advance of instructing conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some banks will not give a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Porthleven. Conveyancing may be slightly more expensive based on your lender's requirements.
How do I locate a Porthleven solicitor on the HSBC Bank conveyancing panel? I have a car and am happy to travel upto 25kilometers to meet the solicitor.
Feel free to make use of the facility on this website. Please pick a mortgage company and your location and you will see a number of Porthleven conveyancing lawyers based on proximity. We have detailed some Porthleven conveyancing firms towards the end of this page and you can call them to see whether they are on the HSBC Bank panel