My partner and I are planning to purchase a flat in Thornaby and are in fact using a Thornaby conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. National Westminster Bank have this afternoon contacted us to inform me that they have now hit a problem as our Thornaby conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also act for the purchaser's lender. 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 Accreditation Scheme. Your solicitor should contact your bank 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Thornaby solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Can the conveyancing lawyers identified through your search tool execute auction conveyancing in Thornaby?
We know of a few auction practitioners we can put you in touch with those specialising in auction conveyancing. Thornaby is just one of hundreds of areas of in which our lawyers have offices.
My fiance and I are hoping to buy a newbuild flat in Thornaby with a loan from Leeds Building Society.We would like to retain our Thornaby conveyancing lawyer but Leeds Building Society informed us her practice is not on their "panel". It seems we are left with little choice but to instruct a Leeds Building Society panel firm or retain our high street solicitor and fork out for a Leeds Building Society panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that Leeds Building Society use our lawyer?
No, not really. The loan issued to you contains various provisions, one of which will be that lawyers must be on the Leeds Building Society approved list. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for Leeds Building Society
What can a local search tell me about the property I am buying in Thornaby?
Thornaby conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations for instance Searchflow The local search is essential in every Thornaby conveyancing purchase; as long as you don’t want any nasty surprises after you move into your property. The search should supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
I am buying my first flat in Thornaby benefiting from help to buy. The developers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The property agent told me not inform my lawyer about the extras as it will impact my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Thornaby is where the house is located. Can you offer any opinion?
Flying freeholds in Thornaby are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Thornaby you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thornaby may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.