My fiance and I are hoping to purchase a house in Downe and have appointed a Downe conveyancing practice. 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. Virgin Money have this afternoon contacted us to advise us that there is now an issue as our Downe lawyer 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' solicitors to also represent 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 Accreditation Scheme. Your solicitor 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 Downe lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Why is leasehold purchase conveyancing in Downe costs more?
The conveyancing costs for a leasehold premises in Downe is frequently more expensive than on a freehold transaction. This is due to the supplemental investigations necessary in liaising with the landlord and managing agents to obtain information concerning whether the rent and maintenance charges have been cleared and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the building.
We are hoping to buy a newbuild apartment in Downe with a mortgage from TSB.We use our Downe conveyancing solicitor but TSB informed us she’s not on their approved list of member firms. We have to appoint a TSB panel lawyer or keep our preferred solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that TSB use our lawyer?
Unfortunately,no. The mortgage issued to you is subject to its terms and conditions, a common one being that lawyers must be on the TSB approved list. Until recently, most mortgage companies had large numbers of solicitors 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for TSB
We are getting the release of further monies on our home loan from Yorkshire BS as we intend to conduct alterations to our property in Downe. Do we need to choose a bricks and mortar Downe solicitor on the Yorkshire BS conveyancing panel to handle the legals?
Yorkshire BS would not normally instruct firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS conveyancing panel.
We have agreed to purchase a house in Downe. One unusual aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Coventry BS your lawyer must follow the conveyancing instructions contained in Section 2 of UK Finance Lenders’ Handbook for Coventry BS. The CML Handbook includes minimum conditions for solar panel roof-space leases, and solicitors are required to report to Coventry BS where a lease fails to satisfy these conditions. The specifications relate to the installation of panels on properties in England and Wales and is not isolated to Downe.
I have instructed a Downe conveyancer having made sure that they are on the Lloyds conveyancing panel. Does my lawyer arrange the survey of the property?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Downe postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in Downe.
I need to instruct a conveyancing lawyer in Downe for my home move. Is it possible to check a solicitor's record with the legal regulator?
Anyone can see presented Solicitor Regulator Association (SRA) decisions resulting from investigations started on or after Jan 2008. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The SRA may monitor telephone calls for training purposes.