We decided to purchase a 1 bedroom apartment in Leytonstone with a residential mortgage from Nottingham Building Society.We have a Leytonstone conveyancing practitioner but Nottingham Building Society says his firm is not listed on their "panel". It seems we are left with no choice but to instruct a Nottingham Building Society panel lawyer or retain our high street solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Nottingham Building Society use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, a common one being that conveyancers must be on the Nottingham Building Society conveyancing panel. in the past, most banks 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 lawyer to apply to be on the conveyancing panel for Nottingham Building Society
This question may be naive but I am unseasoned as a first time purchaser of a ground floor flat in Leytonstone. Do I receive the keys to the property on the completion date from my solicitor? If this is the case, I will appoint a local conveyancing solicitor in Leytonstone?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the owner’s conveyancers, and shortly after the monies have arrived, you should be called to collect the keys from the property Agents and move into your new home. This tends to happen early afternoon.
I am the single recipient of my late grandmother’s will with all property in now in my sole name, including the house in Leytonstone. The Leytonstone property was put into my name in July. I now wish to sell up. I do know about the CML six month 'rule', which means that my property ownership could be regarded the same way as though I had purchased the house in July. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this clause principally exists to capture subsales or the quick reselling of property.
Having digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Leytonstone solicitor - who is on the Nottingham conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Leytonstone surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I decided to have a survey carried out on a house in Leytonstone ahead of retaining conveyancers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some banks tend refuse to issue a loan on this type of property.
It varies from the lender to lender. HSBC has different requirements from Nationwide. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Leytonstone. Conveyancing will be smoother if you use a solicitor in Leytonstone especially if they are acquainted with such properties in Leytonstone.
I'm remortgaging my existing property to a buy to let mortgage with Barnsley Building Society and I will use the ballance of the raised equity towards another house. The neighborhood we are interested in is Leytonstone. Will your solicitors be able to act for the two mortgage companies and link together the two deals?
Make use of our search tool on this page to be sure that the lawyers are approved by both mortgage companies. On the basis that they are your conveyancer should be able to simultaneously deal with the two deals but you should talk with you solicitor and communicate your desired outcome and requirements.
Should I instruct a Leytonstone conveyancing practitioner in close proximity to the house I am buying? An old friend can deal with the conveyancing but they are based a couple of hundredkilometers drive away.
The primary upside of using a local Leytonstone conveyancing firm is that you can visit the firm to execute documents, hand in your identification documents and pester them where appropriate. They will also have local intelligence which is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were content that must trump using an unknown Leytonstone conveyancing solicitor solely due to them being Leytonstone based.
My fiance and I have recently had an offer agreed on a house and had meeting on Monday with HSBC for the mortgage. They advised us that when it comes to choosing a property lawyer that if they are not on their approved panel of lawyers then we will be subject to an a further charge of £200. This is is due to the fact that they will then have to appoint a property lawyer to act on their behalf in addition to the one we choose to act for ourselves and we assume responsibility for their costs. I have asked HSBC to provide me with a list so I can obtain estimates only from their approved lawyers but was told they dont have such a list to hand over. Is there a list online?
You should ask HSBC what their panel criteria is for a solicitor.Then ask the conveyancer of your choice whether they meet the criteria and have they acted on mortgages for HSBC before. If the answer to those is yes, then just double check with HSBC. Alternatively please utilise our search tool and we may be able to locate a conveyancing practitioner in Leytonstone on the panel for HSBC.