My wife and I are planning to purchase a house in Yarmouth and have instructed a Yarmouth conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Santander have this morning contacted us to inform me that they have now hit a problem as our Yarmouth conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard 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 bank 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 as you are at liberty to use your preferred Yarmouth lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
My son-in-law is about to exchange on a new build apartment in Yarmouth with a mortgage from Nationwide. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the valuer when requested. 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
we are a couple who wish to acquire a 1 bedroom flat in Yarmouth with a residential mortgage from National Westminster Bank.We like our Yarmouth conveyancing solicitor but National Westminster Bank says she’s not on their approved list of firms. We have to appoint a National Westminster Bank panel solicitor or retain our preferred solicitor and fork out for a National Westminster Bank panel lawyer to represent them. This seems very unfair; Can we not simply insist that National Westminster Bank use our lawyer?
No, not really. The home loan offered to you contains terms and conditions, one of which will be that lawyers must be on the National Westminster Bank solicitor panel. Until recently, most banks had large numbers of law firms 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for National Westminster Bank
What is your number one tip for choosing a conveyancing solicitor in Yarmouth
We would encourage you not to base your choice on the cheapest Yarmouth conveyancing fees. You really do get what you pay 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 know exactly what you’ll have to pay in advance.
How can we tell if a Yarmouth conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in Yarmouth seeking 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 which is cheap as chips. We would always advocate that you speak with the lawyer handling your transaction.
My husband and I have organised a further advance on our mortgage from Principality as we want to conduct renovations to our home in Yarmouth. Do we need to select a nearby Yarmouth solicitor on the Principality conveyancing panel to deal with the paperwork?
Principality do not ordinarily instruct 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 Principality conveyancing panel.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Yarmouth is the location of the property. Can you offer any opinion?
Flying freeholds in Yarmouth are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Yarmouth you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Yarmouth may ascertain 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 property.
I am seeking to acquire a repression house in Yarmouth and the bank selling demand completion inside 28 days. Do conveyancers meet that timeframe? Am I best advised to use a local Yarmouth firm or an online firm that professes to offer speedy conveyancing?
Attend your Yarmouth high street. Pop in to two or three companies and request to see a conveyancing solicitor for a quote. Explain your requirements and try and obtain a commitment on speed. Choose the one that comes across as most genuine. Make sure to select a property lawyer on the panel of conveyancers who can act for your lender.