My wife and I are planning to buy a 1 bedroom apartment in Berwick Upon Tweed with a mortgage. We like our Berwick Upon Tweed lawyer, but the mortgage company advise he's not on their "panel". It seems we have little choice but to use one of the lender panel solicitors or continue with our Berwick Upon Tweed conveyancer as well as pay for one of their panel firms to act for them. This seems very unfair; is there anything we can do?
No, not really. 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. A further alternative is for your Berwick Upon Tweed conveyancing solicitor to apply to be on the conveyancing panel.
We note that you have a search directory identifying firms on the Virgin Money conveyancing panel. Do firms pay you a referral fee if I appoint them for our conveyancing in Berwick Upon Tweed?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Berwick Upon Tweed.
I am purchasing a garden flat in Berwick Upon Tweed. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Berwick Upon Tweed you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Berwick Upon Tweed.
I am currently in the process of buying my council flat in Berwick Upon Tweed. I have a mortgage offer with Nottingham. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nottingham, you will need to appoint a solicitor on the Nottingham conveyancing panel.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Berwick Upon Tweed bank branch on numerous occasions and was told they are content with the situation and they will lend. My Berwick Upon Tweed conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancing practitioner is on the bank approved list, they must comply with the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
UBS have agreed my mortgage in principle, my bid on a house in Berwick Upon Tweed has been agreed to, what are the next steps?
The estate agent will want to be advised as to your solicitor's details (ensure that the conveyancers are on the bank’s panel). Call up UBS or the financial adviser and complete any outstanding documentation. UBS will sellect a valuer who will get in contact with the selling agent or owners to schedule an appointment. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. UBS will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Berwick Upon Tweed.
How does conveyancing in Berwick Upon Tweed differ for new build properties?
Most buyers of new build premises in Berwick Upon Tweed contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because developers in Berwick Upon Tweed 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 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 Berwick Upon Tweed or who has acted in the same development.
I have been pointed in your direction by a number of estate agents in Berwick Upon Tweed to locate a property lawyer on your site. What’s the financial advantage for Estate Agents to market your lawyers rather than another?
We don’t offer any referral fee for pointing buyers and sellers our way. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.