My partner and I are looking to purchase a flat in Yardley and are in fact using a Yardley conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this evening contacted us to inform me that they have now hit a problem as our Yardley solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers 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 lender 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Yardley lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My partner and I are buying our first home. Our solicitor has texted usto ask if we would like to order additional conveyancing searches. Unfortunately we have no idea as to what's relevant for conveyancing in Yardley
The scope of Yardley conveyancing searches depends entirely on the property, the location, the possibility of any of these risks, your familiarity of the area and risks, your overall attitude to risk. What is important is that you properly appreciate what information the searches could provide. You may then decide if you personally think you need that information. Where you are uncertain, ask the conveyancer to advise.
Can you explain why leasehold purchase conveyancing in Yardley costs more?
The conveyancing charges on a leasehold premises in Yardley is often more expensive as compared to a freehold acquisition or disposal. This is due to the supplemental time required in dealing with the landlord and managing agents to collate the information about whether the rent and service charges have been cleared and whether there are any major works due in the foreseeable future on repairs or maintenance of the block.
I am buying a house and need a conveyancing solicitor in Yardley who is on the Barnsley Building Society solicitor. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Barnsley Building Society in certain locations such as Yardley. We dont recommend any particular firm.
Please help - my lawyer says that breach of easement insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Yardley?
The appropriate level of breach of easement indemnity insurance depends on your lender. It would differ for example between Nationwide Building Society and Skipton Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
I have today made my last payment due on my mortgage with Lloyds. I assume I don't need a Yardley lawyer on the Lloyds panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
It is unclear whether my lender requires a lease extension. I have called my Yardley building society branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Yardley conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. I simply don't know who is right.
Provided that the conveyancer is on the mortgage company approved list, they must follow the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
What is different about your site and alternative internet conveyancing solicitors when it comes to conveyancing in Yardley?
At this site secure an accurate costs illustration from a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Yardley. As opposed to estate agents and many comparison sites we do not operate commission deals with solicitors. Many agents and online brokers 'recommend' the firm paying the highest commission, not the best value conveyancing in Yardley