We are buying a 2 bedroom flat in Fairbourne with a mortgage. We wish to retain our Fairbourne solicitor, but the mortgage company advise she’s not on their "panel". We have to appoint one of the lender panel firms or retain our Fairbourne conveyancing practitioner as well as pay for one of their panel firms to represent them. We regard this is unjust; are we not able to insist that the mortgage company use our Fairbourne solicitor ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Fairbourne conveyancing lawyer to apply to be on the conveyancing panel.
My partner and I are nearing an exchange on a house in Fairbourne and my mum and dad have sent the ten percent deposit to my conveyancing practitioner. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your lawyer is obliged to check with lender to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Is it the case that all Fairbourne CQS (Conveyancing Quality Scheme) solicitors are on the Nationwide conveyancing panel?
Some major banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. 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 join their panels.
The mortgage over my property is with Barclays for my property in Fairbourne. Conveyancing was finalised months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Barclays?
You must advise Barclays before letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. You need not do this via a Barclays conveyancing panel solicitor.
I was told four weeks ago that my mortgage has been agreed to by Yorkshire BS. Is it usual for Yorkshire BS to only issue the offer once my solicitor in Fairbourne is approved on their conveyancing panel? Yorkshire BS have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Yorkshire BS to deal with your lawyer's application to be on the Yorkshire BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
It has been three months following my purchase conveyancing in Fairbourne concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Am I best advised to choose a Fairbourne conveyancing solicitor who is local to the property I am hoping to buy? I have an old university friend who can carry out the legal formalities however they are based a couple of hundredmiles drive away.
The primary upside of using a local Fairbourne conveyancing practice is that you can visit the firm to execute paperwork, present your ID and pester them if necessary. They will also have local knowledge which is a benefit. However it's more important to get someone that will do a good and efficient job. If you know people who used your friend and on the whole were happy that must trump using an unknown Fairbourne conveyancing lawyer just because they are round the corner.
Are the Fairbourne conveyancing lawyers identified as being on the lender conveyancing panel, together with their details provided by the mortgage company?
Fairbourne firms and firms conducting conveyancing in Fairbourne themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the lender directly.