My fiance and I are planning to acquire a property in Ulverston and are in fact using a Ulverston conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Platform Home Loans Ltd have this morning contacted us to inform me that there is now an issue as our Ulverston solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also act for 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 property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Ulverston solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
When it comes to lenders such as Nationwide, do Ulverston property lawyers face an annual charge to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We are getting the release of further funds on our home loan from TSB as we wish to carry out alterations to our home in Ulverston. Do we need to choose a local Ulverston solicitor on the TSB conveyancing panel to deal with the paperwork?
TSB don't usually require a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB conveyancing panel.
I had a mortgage agreed in principle with Clydesdale. Ulverston conveyancing lawyers are instructed. How long does it take for Clydesdale to forward the offer to the lawyer?
Some lenders take longer than others. Have Clydesdale done the survey? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Should my lawyer be asking questions concerning flooding as part of the conveyancing in Ulverston.
Flooding is a growing risk for lawyers dealing with homes in Ulverston. There are those who acquire a house in Ulverston, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which will figure out the risks in Ulverston. The conventional set of property information forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to find out whether the property has ever been flooded. In the event that flooding has previously occurred which is not notified by the vendor, then a buyer could commence a compensation claim as a result of such an incorrect reply. The buyer’s lawyers should also commission an enviro search. This should disclose whether there is any known flood risk. If so, additional inquiries should be made.
I decided to have a survey done on a property in Ulverston ahead of instructing lawyers. I have been told that there is a flying freehold aspect to the house. Our surveyor has said that some banks may not issue a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements from Halifax. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ulverston. Conveyancing will be smoother if you use a solicitor in Ulverston especially if they are familiar with such properties in Ulverston.
Do I need to be wary about estate agents that I am dealing with are suggesting a national conveyancing firm as opposed to a High Street Ulverston conveyancing practice?
As with lots of professional services, often suggestions from relatives can be extremely useful or valuable. Nevertheless there are numerous players in a conveyancing matter; estate agents, financial adviser and mortgage companies may put forward conveyancers to instruct. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there exists a financial incentive behind the recommendation. You have the right to choose your preferred conveyancer. However, bear in mind that some mortgage providers have an approved list of lawyers you have to use for the mortgage related work in your home move.
Should I use a Ulverston conveyancing lawyer based in the vicinity that I am hoping to buy? I have an old university friend who can execute the legal work but they are based 300kilometers away.
The benefit of a local Ulverston conveyancing practice is that you can attend the office to sign paperwork, hand in your ID and apply pressure on them if necessary. Having local Ulverston know how is a bonus. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and they were content that must trump using an unknown Ulverston conveyancing lawyer solely due to them being based in the area.