My husband and I are planning to buy a home in Porthleven and have instructed a Porthleven conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Halifax have this evening contacted us to inform me that there is now an issue as our Porthleven conveyancer is not on their conveyancing panel. Please explain?
If you are buying a property needing a mortgage it is conventional for the purchasers' solicitors 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 lender’s conveyancing panel and you may continue to use your own Porthleven solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I am thinking of mortgaging my home in Porthleven, does my lawyer need to be on the Nottingham Solicitor panel?
In theory, you could use a solicitor that is not on the Nottingham conveyancing panel, but Nottingham would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
When it comes to mortgage companies such as Kent Reliance, do Porthleven conveyancing practitioners have to pay an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
We were going to get a DIP from Santander this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Santander recommend any Porthleven solicitors on the Santander conveyancing panel, or is it better to go independently?
You will need to appoint Porthleven solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
It is not clear whether my mortgage offer requires a lease extension. I have telephoned my Porthleven bank branch on numerous occasions and was told it wasn't an issue and they will lend. My Porthleven conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. I have no idea who is right.
Your conveyancer must comply with the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I used Arc property Solicitors several years past for my conveyancing in Porthleven. Now, I need the documents however cannot find the solicitor. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Porthleven of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
What does commercial conveyancing in Porthleven cover?
Commercial conveyancing in Porthleven incorporates a wide array of services, provided by qualified solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
We are midway through purchasing a residence in Porthleven. Conveyancing lawyer has told us the property is "Leasehold". Should this impact our home loan valuation?
Porthleven conveyancing does not in most situations involve leasehold houses. The key factor here is the unexpired lease term and the ground rent. If there are over a hundred years remaining with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to impact the marketability too much.
At the other extreme, if it's, say, 50 years it will have a significant impact on the saleability, and most likely wouldn't be mortgageable. The length of lease and ground rent will be specified in the lease to be supplied to your conveyancing practitioner.