My husband and I are hoping to buy a property in Wavertree and have instructed a Wavertree conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Leeds Building Society have this morning contacted us to inform me that they have now hit a problem as our Wavertree lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent 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 Quality Scheme. Your property lawyer 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 Wavertree solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
We are about to exchange contracts for a leasehold flat in Wavertree. We encountered a snag. The mortgage offer with Accord Mortgages Ltd expires on 15/12/2025 but the sellers are suggesting a completion date of 17/12/2025. Can one prolong the mortgage expiry date?
The person best placed to address this issue is your lawyer who will determine if he or she is corresponding with the lender, seller’s lawyers, estate agents or conceivably all three based on what has gone on in your conveyancing as of today.
There are numerous conveyancing solicitors in Wavertree but how do I know who's good?
We would encourage you not to go for the cheapest Wavertree conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
How can we tell if a Wavertree conveyancing solicitor on the Aldermore panel is any good?
When it comes to conveyancing in Wavertree obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the solicitor handling your conveyancing.
I am purchasing a property in Wavertree. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Yorkshire BS be concerned?
Given that your lender is Yorkshire BS your lawyer must follow the conveyancing requirements outlined in Part two of UK Finance Lenders’ Handbook for Yorkshire BS. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Yorkshire BS where a lease does not satisfy these specifications. The specifications relate to the installation of panels on properties in England and Wales and is not limited to Wavertree.
How does conveyancing in Wavertree differ for new build properties?
Most buyers of new build premises in Wavertree come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Wavertree tend to purchase the land, 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 accustomed to new build conveyancing in Wavertree or who has acted in the same development.
I opted to have a survey done on a property in Wavertree in advance of appointing solicitors. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some banks tend not issue a loan on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. If you call us we can investigate further via 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 Wavertree. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wavertree to see if the conveyancing costs will increase in light of this.
Me and my wife are disposing of a Wavertree property we inherited ten years ago in 2009. I have over a decades worth of conveyancing experience and, although retired, wish to do my own conveyancing. The buyer's lawyer has informed me that their mortgage company will not allow you to do your own conveyancing requiring the funds to be transferred to a solicitor's bank account.
Mortgage instructions to conveyancers from all CML members specify that If the vendor does not have legal representation the borrower's lawyers should check whether the bank needs to be told so that a decision can be reached as to whether or not they are prepared to proceed.