My wife and I are purchasing a 2 bedroom apartment in Willerby with a mortgage. We like our Willerby lawyer, but the bank advise he's not on their "panel". It appears that we have little option but to select one of the lender panel firms or retain our Willerby conveyancer as well as pay for one of their panel lawyers to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Willerby conveyancing lawyer to apply to be on the conveyancing panel.
My son is purchasing a new build apartment in Willerby with a mortgage from Santander. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Santander conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
When it comes to lenders such as Principality, do Willerby conveyancing practitioners have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
is it true that all Willerby solicitor firms on the Clydesdale conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Clydesdale approved list of solicitors they would need to be governed by the SRA. The majority of lenders do list licenced conveyancers on their panel and in such a situation the practice would be regulated by the CLC.
Virgin Money have agreed my home loan in principle, my bid on a apartment in Willerby has been accepted, what are the next steps?
The estate agent will need to be informed of your solicitor's details (make sure the conveyancers are on the bank’s approved list). Contact Virgin Money or the financial adviser and finalise any outstanding documentation. Virgin Money will instruct a valuer who will get in touch with the selling agent or vendor to schedule a slot for the valuation to happen. Once carried out (assuming no problems) it takes on average ten days to receive the mortgage offer. Virgin Money will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Willerby.
Various internet forums that I have come across warn that are the number one reason for delay in Willerby conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any delay in conveyancing in Willerby.
Just acquired a terraced house in Willerby , how long will it take for the Land Registry to register my proprietorship? My Willerby conveyancing solicitor works at snail pace, so I want to check the registration is dealt with.
There is nothing unique when it comes to conveyancing in Willerby registration formalities. As opposed to being determined by geographic area, timescales can differ according to who lodges the application, whether it is in order and if the Land registry must send notices to any interested persons or bodies. At present approximately 80% of such applications are fully addressed in less than three weeks but occasionally there can be extensive hold-ups. Registration takes place once the buyer is living at the property therefore 'speed' is not typically top priority yet if there is a degree of urgency associated with the registration then you or your lawyers must communicate with the Registry to express the reasoning for the application to be prioritised.
I opted to have a survey carried out on a house in Willerby in advance of instructing lawyers. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies may refuse to issue a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Willerby. Conveyancing may be slightly more expensive based on your lender's requirements.