We are planning to purchase a 3 bedroom flat in Rotherham with a mortgage. We have a Rotherham conveyancer, but the lender says he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or continue with our Rotherham conveyancer and pay for one of their panel firms to represent them. We regard this is unjust; can we not demand that the mortgage company use our Rotherham property lawyer ?
Unfortunately,no. 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 Rotherham conveyancing solicitor to apply to be on the conveyancing panel.
The Rotherham conveyancing firm handling our Rotherham conveyancing has identified a difference when comparing the assumptions in the valuation report and what is in the conveyancing documents. My solicitor informs me that he is duty bound to ensure that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s approach right?
Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How up to date is your database of Rotherham solicitors on the Principality conveyancing panel? Do Principality send you an updated list?
Rotherham conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
How does conveyancing in Rotherham differ for newly converted properties?
Most buyers of new build or newly converted property in Rotherham approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Rotherham usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Rotherham or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and identified one close by in Rotherham I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Rotherham for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
My wife and I are buying a first floor flat in Rotherham. When we first instructed property lawyer, they told us that they were on all major UK bank panels. Our financial adviser emailed today to advise that they don't appear to be on the Clydesdale approved list. Were it to be true, what should we do? Do we just pick a new lawyer that is on their approved list or do we pay for dual representation, with Clydesdale selecting their own approved conveyancing practitioner.
When purchasing a property with mortgage finance it is conventional for the purchaser’s lawyers to also represent the purchaser's lender. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's list of approved lawyers. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the property lawyer has to satisfy. Some banks now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancer should contact Clydesdale to discover 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 Clydesdale's conveyancing panel as you are at liberty to use your preferred Rotherham lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.