My wife and I are hoping to purchase a 2 bedroom flat in Loddon with a mortgage. We have a Loddon lawyer, but the bank advise she’s not on their "panel". It seems we have no option but to appoint one of the bank panel conveyancing practices or continue with our Loddon solicitor as well as pay for one of their panel ones to act for them. We consider that this is unjust; are we not able to insist that the mortgage company use our Loddon lawyer ?
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. A further alternative is for your Loddon conveyancing solicitor to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Loddon? Why is this being asked of me?
Loddon conveyancing solicitors and indeed property practitioners accross the UK have a duty under money laundering regulations to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill no more than three months).
Confirmation of the origin of monies is also required in compliance with the money laundering statutes as lawyers are duty bound to check that the funds you are using to acquire a property (whether it be the deposit for exchange or the full purchase amount where you are a cash purchaser) has originated from legitimate source (such as employment savings) and is not the proceeds of criminal activity.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Does this mean I have to appoint their panel conveyancer as I would much rather use a Loddon based conveyancing firm?
Do check but the chances are that give you one of their panel lawyers where you want the "fee-free" deal. Contact the lender and determine if they offer you a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Loddon.
I can see plenty of information on this site regarding conveyancing in Loddon but can you isolate your top tip for finding the right conveyancer in Loddon
Do not opt for the cheapest Loddon conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. 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 ahead of the deal.
I have been advised by my solicitor that flying freehold insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Loddon?
The right level of flying freehold indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and Norwich and Peterborough Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
We have agreed to purchase a house in Loddon. 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?
Given that your lender is Coventry BS your lawyer must check the formal instructions set out in Section two of UK Finance Lenders’ Handbook for Coventry BS. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and lawyers are required to report to Coventry BS where a lease does not meet these provisions. The requirements relate to the installation of panels on properties in England and Wales and is not restricted to Loddon.
How does conveyancing in Loddon differ for newly converted properties?
Most buyers of new build premises in Loddon approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because builders in Loddon typically purchase the site, 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 used to new build conveyancing in Loddon or who has acted in the same development.