My fiance and I are planning to buy a flat in Leyland and have appointed a Leyland conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Nationwide Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Leyland lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property needing a mortgage it is conventional for the purchasers' lawyers to also act for the mortgage company. 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 Accreditation Scheme. Your solicitor 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 bank's conveyancing panel as you are at liberty to use your preferred Leyland lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I am aiming to move house in May. Will my conveyancing solicitor liaise with the removal company on the day of completion. Incidentally, can you put forward a removal company in Leyland. Conveyancing firm was found before I stumbled across your site.
On the day of completion you can pick up the keys from your property agent however this should only take place once the previous owners lawyers advise the agent that they acknowledge receipt of the completion payment and the keys can be passed over. Subsequently you will need to advise the removal men that they can start moving you in. We are not in a position to recommend a particular removal company but can assist you in locating a conveyancing in Leyland or a solicitor with expertise in conveyancing in Leyland.
I have been told by my conveyancer that lack of right of way insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Leyland?
The appropriate level of lack of right of way indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and Leeds Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
When it comes to lenders such as RBS, do Leyland conveyancers incur a fee to be on the conveyancing panel?
We are unaware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
How does conveyancing in Leyland differ for newly converted properties?
Most buyers of new build premises in Leyland approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because builders in Leyland typically purchase the land, 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 conveyancing solicitors 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 Leyland or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Leyland I like with open areas and station in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Leyland in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the shortness of the lease will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
Is it simple use your search app to find a conveyancing lawyer in Leyland on the approved list for my lender?
First choose a bank such as National Westminster Bank, Coventry Building Society or TSB then type in your location e.g. Leyland. Conveyancing organisations in Leyland and nationally should be shown.
My partner and I are acquiring a studio flat in Leyland. At the point of instructing our solicitor, we were told they were on all mainstream lender panels. The financial adviser emailed yesterday to say that they don't appear to be on the Virgin Money approved list. If it turns out to be true, what should we do? Should we simply find a new solicitor that is on their approved list or do we cover the costs for separate representation, with Virgin Money selecting their own approved property lawyer.
Where you are purchasing a property with the assistance of a mortgage it is normal for the purchaser’s solicitors to also represent the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the solicitor has to fulfill. Some mortgage companies now insist their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact Virgin Money to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Virgin Money's conveyancing panel and you may continue to use your own Leyland solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.