Me and my fiance are buying a 3 bedroom flat in Buckingham with a mortgage. We have a Buckingham lawyer, however the bank says she’s not on their "panel". It seems we have little choice but to instruct one of the bank panel conveyancing practices or continue with our Buckingham property lawyer as well as pay for one of their panel firms to act for them. We regard this is inequitable; are we not able to require that the lender use our Buckingham lawyer ?
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. Another option that might be available is for your Buckingham conveyancing solicitor to apply to be on the conveyancing panel.
Can your site be used to locate a Conveyancing solicitor in Buckingham even where I’m not purchasing or selling a house, for instance if I want to buy a shop in Buckingham with a mortgage from Birmingham Midshires?
The service is mainly there to find residential conveyancing solicitors in Buckingham but we have set out towards the bottom of this page a few Buckingham commercial conveyancing firms. You will need to make contact with the firm directly to see if they can also act for Birmingham Midshires
What will a local search inform me regarding the property I am purchasing in Buckingham?
Buckingham conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for example Xpress Legal The local search is essential in every Buckingham conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search will provide data on, amongst other things, details on planning applications applicable 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 thirteen topic areas.
Over the last few months I have been searching for a flat up to £305k and identified one close by in Buckingham I like with open areas and railway links nearby, however it only has 51 years on the lease. I can't really find anything else in Buckingham for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Are there any apps to help identify a Buckingham law firm on the Birmingham Midshires conveyancing panel? I have a car and am happy to travel upto 10miles to meet the lawyer.
You can use the tool on this website. Please pick a mortgage company and your location and you will see a number of Buckingham conveyancing lawyers located nearest you. We have listed some Buckingham conveyancing firms at the bottom of this page and you can call them to verify if they are on the Birmingham Midshires approved list
My partner and I are purchasing a first floor flat in Buckingham. When we first instructed conveyancer, they said that they were on all mainstream mortgage company panels. Our mortgage broker contacted us yesterday to say that they are not on the Nationwide approved list. If it turns out to be true, what should we do? Should we just choose a different conveyancer that is on their panel or do we cover the costs for separate representation, with Nationwide selecting their own preferred solicitor.
If you are purchasing a property requiring a mortgage it is usual for the buyer’s solicitors to also represent the purchaser's lender. In order to act for a bank or building society a lawyer has to be on that lender's conveyancing panel. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the property lawyer has to satisfy. Some banks now insist their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancing practitioner should call Nationwide 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 are not legally obliged to appoint a law firm on Nationwide's conveyancing panel and you may continue to use your own Buckingham solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the equation.