My wife and I are hoping to buy a property in Lampton and are in fact using a Lampton conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Norwich and Peterborough Building Society have this evening contacted us to advise us that they have now hit a problem as our Lampton conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see 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 the lender’s conveyancing panel as you are at liberty to use your preferred Lampton lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am buying a new build flat in Lampton. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Lampton you will have to appoint a solicitor on your bank'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 Lampton.
Two weeks ago we had a mortgage agreed in principle with Bank of Ireland. Lampton conveyancing solicitors were selected. How long does it take for Bank of Ireland to forward the offer to the conveyancing practitioner?
There is no definitive answer here. Have Bank of Ireland done the valuation? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Planning on purchasing a flat in Lampton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lampton conveyancer is on the Coventry BS conveyancing panel.
After what feels like an age I have had an offer on an apartment in Lampton agreed to, but there is a chain. The sellers have offered on somewhere, but it’s not yet tied up, and are looking at other properties booked. I have chosen a local conveyancing solicitor in Lampton. What should be my next step? When should I get the mortgage application with TSB going?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx one thousand pounds, then survey, Lampton conveyancing search costs, etc). The first thing to do is check that your property lawyer is on the TSB approved list. Regarding the subsequent steps this very much dictated by the specifics of your case, attraction to the property and on the state of the market. In a hot market some buyers will apply for the mortgage with TSB and pay for the valuation and only if it was satisfactory would they pay their solicitor to move forward with the conveyancing in Lampton.
Just had an offer accepted on a new build flat in Lampton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Lampton
-
Please supply a car parking plan. Please confirm the Lease plans are architect prepared. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision.
Are there any apps to help search for a Lampton solicitor on the Bank of Ireland conveyancing panel? I am a keen cyclist and am prepared to travel upto 20miles to meet the solicitor.
You can use the facility on this website. Please pick a bank and your location and you will see a number of Lampton conveyancing lawyers based on proximity. We have listed some Lampton conveyancing firms towards the end of this page and you can telephone them to verify whether they are on the Bank of Ireland panel
My step-son is embarking on her first house purchase, the home loan was agreed last week in principle. After the seller agreed the offer on the flat we contacted the mortgage company to progress the mortgage application. We were very surprised to hear that mortgage companies do not accept all solicitor, they need to be on their approved list, is this legal?
Lenders ordinarily restrict either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Lampton property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.