I can't travel far from Penrhyn Bay. Please explain the reason why all Penrhyn Bay solicitors are not on all bank panels?
Pre- 2008 most mortgage companies displayed an attitude to risk which differs from the current day. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which in summary warned lenders: know the lawyers on your panel. Consequently, lenders have since soughtmore data from law firms about their processes and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Many law practices have been removed from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of amount of transactions the lenders set.
My fiance and I are purchasing a newbuild flat in Penrhyn Bay with a loan from Barnsley Building Society.We have a Penrhyn Bay conveyancing solicitor but Barnsley Building Society advised that her practice is not on their approved list of member firms. It seems we have no choice but to instruct a Barnsley Building Society panel lawyer or keep our local solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Barnsley Building Society use our lawyer?
No, not really. The mortgage offered to you is subject to its various provisions, a common one being that solicitors will be on the Barnsley Building Society approved list. Until recently, most mortgage companies had large numbers of solicitors 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Barnsley Building Society
What can a local search reveal regarding the property I am purchasing in Penrhyn Bay?
Penrhyn Bay conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search plays a central role in most Penrhyn Bay conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search will provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Penrhyn Bay is where the house is located. Can you shed any light on this issue?
Flying freeholds in Penrhyn Bay are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Penrhyn Bay you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penrhyn Bay 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.
My wife and I are acquiring a first floor flat in Penrhyn Bay. When we first instructed conveyancer, they assured us that they were on all mainstream bank panels. The mortgage broker emailed just now to advise that they don't seem to be on the Aldermore approved list. If it turns out to be true, what should we do? Do we just find a different conveyancer that is on their panel or should we cover the costs for dual representation, with Aldermore appointing their own approved conveyancing practitioner.
When buying a property with mortgage finance it is conventional for the purchaser’s lawyers to also represent the mortgage company. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the solicitor has to meet. Some mortgage companies now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should call Aldermore to discover 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 Aldermore's conveyancing panel and you may continue to use your own Penrhyn Bay solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.