My fiance and I are planning to buy a property in Lincoln and are in fact using a Lincoln conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Yorkshire Building Society have this evening contacted us to inform me that there is now an issue as our Lincoln solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is conventional for the purchasers' solicitors to also represent 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 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Lincoln 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 have given 2 months notice to my current landlord and must vacate my let out apartment in Lincoln by the end of next month. Conveyancing on my purchase has just started. Can I complete in 5 weeks as I wish to avoid having to find short term accommodation?
Generally one should not provide notice for your letting unless you have exchanged. If you have not previously done so, update to your conveyancer and request that they cajole the other solicitors, try to an agreed time frame that all parties will look towards
Is there a search tool that I can utilise to investigate if the solicitor conducting my conveyancing in Lincoln is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Godiva Mortgages Ltd thus paying £187.00 plus VAT in supplemental conveyancing invoice.
Please do take advantage of the find a lender approved solicitor tool on this web page. Please choose the mortgage company and type ‘Lincoln’ or your preferred area and you will see a number of lawyer located in Lincoln or nearest you.
My aunt pointed out to me me that in buying a property in Lincoln there could be various restrictions prohibiting external changes to the property. Is this right?
We are aware of anumerous of properties in Lincoln which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Lincoln should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We expect to receive a AIP from Leeds Building Society this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Lincoln solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Lincoln solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
Planning on purchasing a house in Lincoln. 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 Kent Reliance 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 Lincoln lawyer is on the Kent Reliance conveyancing panel.
Am I best advised to go with a Lincoln conveyancing practitioner based in the location that I am hoping to buy? I have an old university friend who can conduct the legal formalities however they are based over three hundred kilometers drive away.
The benefit of a local Lincoln conveyancing practice is that you can pop in to sign documents, present your identification documents and apply pressure on them if necessary. Having local Lincoln know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and in the main were impressed that must trump using an unknown Lincoln conveyancing lawyer just because they are Lincoln based.
Why do Lincoln conveyancing costs are higher for leasehold and freehold properties?
Leasehold conveyancing in Lincoln will often involve additional due diligence including investigating the lease, communicating with the freeholder, obtaining up to date rent receipts, landlord’s consents, management company’s accounts etc.