We are planning to purchase a 1 bedroom apartment in Red Lodge with a mortgage. We have a Red Lodge solicitor, but the lender says he's not on their "panel". It seems we have little option but to use one of the mortgage company panel solicitors or keep our Red Lodge conveyancing practitioner as well as pay for one of their panel lawyers to represent them. We regard this is unjust; can we not require that the mortgage company use our Red Lodge conveyancer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. Another option that might be available is for your Red Lodge conveyancing lawyer to apply to be on the conveyancing panel.
Are all Red Lodge Conveyancing Quality Solicitors on the HSBC conveyancing list of approved firms?
It is true that some banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
We previously selected conveyancing lawyers with offices in Red Lodge on the Virgin Money solicitor panel. They have just billed me an additional sum for dealing with the Virgin Money mortgage. Is this an additional conveyancing fee specified by Virgin Money?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your lawyer can charge a fee for this. This fee is not dictated by Virgin Money but by your Red Lodge solicitor. Numerous firms on the Virgin Money panel will levy ’dealing with mortgage’ fee and others do not.
The formalities of my purchase has taken place for my property in Red Lodge. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I am selling our property in Red Lodge and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. Any local conveyancer would know this is not the case. It does beg the question why the buyers used a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Red Lodge. Having lived in Red Lodge for 5 years we know that this is a non issue. Should we contact our local Authority to get confirmation need.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
How does conveyancing in Red Lodge differ for newly converted properties?
Most buyers of new build residence in Red Lodge approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Red Lodge usually acquire 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 property lawyers 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 Red Lodge or who has acted in the same development.
I'm remortgaging my existing home to a buy to let loan with Leeds Building Society and I will use the rest of the raised equity towards a second house. The location we are looking at is Red Lodge. Will your solicitors be able to act for the two mortgage companies and tie in the conveyances?
Make use of our comparison tool on this page to be sure that the conveyancers are on the appropriate lender panels. Having checked that they are the conveyancer should be able to simultaneously deal with the two deals but you should have a chat with you conveyancer and specify your desired outcome and requirements.