we are a couple who are buying a newbuild apartment in Selston with a loan from TSB.We like our Selston conveyancing solicitor but TSB informed us his firm is not listed on their "panel". It seems we have no choice but to instruct a TSB panel lawyer or retain our local solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The home loan issued to you is subject to its various provisions, a common one being that solicitors must be on the TSB approved list. in the past, most lenders 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
Is it the case that all Selston solicitor practices on the Virgin Money conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Virgin Money conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some lenders do permit licenced conveyancers on their panel and in that case the organisation would be overseen by the CLC.
After months of negotiation I have agreed a price on an apartment in Selston. My financial adviser recommended their conveyancers. I paid an on account payment of £175. Not long after, the solicitor called me to say that they were not on the Kent Reliance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Kent Reliance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
UBS have agreed my mortgage in principle, my offer on a flat in Selston has been accepted, now what?
Your property agent will wish to know who your solicitors are (ensure that the lawyers are on the bank’s panel). Telephone UBS or your broker and finish off any appropriate forms. UBS will instruct a valuer who will get in touch with the estate agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. UBS will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Selston.
A colleague advised me that where I am buying in Selston I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Selston conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Selston around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful data about Selston.
How does conveyancing in Selston differ for newly converted properties?
Most buyers of new build property in Selston approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because developers in Selston tend to purchase the real estate, 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 conveyancers 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 accustomed to new build conveyancing in Selston or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Selston prior to appointing conveyancers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some banks may refuse to issue a mortgage on this type of home.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Selston. Conveyancing will be smoother if you use a solicitor in Selston especially if they are familiar with such properties in Selston.