My partner and I are looking to buy a property in Mayfair and are in fact using a Mayfair conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Yorkshire Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Mayfair conveyancer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property requiring a mortgage it is standard 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 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Mayfair solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
We are acquiring our first property. The conveyancing practitioner has messagedto enquire if we wish to order supplemental conveyancing searches. Unfortunately we have no idea as to what's needed for conveyancing in Mayfair
The type of Mayfair conveyancing searches depends primarily on the property, the location, the possibility of any of these risks, your knowledge of the locality and risks, your general approach to risk. What is important is that you properly understand what information the searches could provide. Then you can make a decision if you consider that you need that search. Should you be uncertain, ask the property lawyer to advise.
I am about to put an offer on a leasehold flat in Mayfair. The property agents assure me that it is usual for flats in Mayfair to have less than 75 years remaining. I am getting a loan with Accord Mortgages. Will the property be mortgageable given that the lease has 70 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 2/11/2024 the requirements read as follows :
I need to find a conveyancing solicitor for remortgage conveyancing in Mayfair. I have stumble upon a site which appears to be the perfect solution If there is a chance to get all the legals done via web that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
We had our home loan approved on Monday with our lender. We instructed a long established conveyancer in Mayfair two days ago. This morning, our mortgage adviser phoned to advise us that the bank said that we cannot use our solicitor as they aren't on their 'approved list'. As FTB's, we had no idea that the lender had a say Is this legal?
You are permitted to select any conveyancing solicitor you want to select for your conveyancing in Mayfair nevertheless if they are not on the your bank's approved list you must incur an extra fee so the mortgage company can instruct their own conveyancer too. It may be possible your solicitor may apply to get included on to the mortgage company list of approved firms. Do make the most of online tools including lenderpanel.com to find a conveyancing solcitor in Mayfair on the lender panel. You can go into your local bank branch in Mayfair. They can recommend conveyancing solicitors in Mayfair on the panel for your bank.