My wife and I are purchasing a 3 bedroom apartment in Littleport with a mortgage. We would like to retain our Littleport conveyancer, however the mortgage company advise she’s not on their "panel". It seems we have no option but to select one of the mortgage company panel conveyancing practices or retain our Littleport conveyancer as well as pay for one of their panel firms to represent them. This feels very unfair; are we not able to demand that the lender use our Littleport lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. A further alternative is for your Littleport conveyancing solicitor to apply to be on the conveyancing panel.
Can you clarify what the consequences are if my solicitor is suspended from the Nationwide Solicitor panel ahead of completing my conveyancing in Littleport?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I'm the sole beneficiary of my late grandmother’s will and I have everything in my name alone, including the my former home in Littleport. Conveyancing formalities meant that the Land Registry date was in October. I now wish to sell up. I understand that there is a CML 6 month 'rule', meaning my proprietorship could be considered the same way as if I'd bought the property in October. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. Most lenders would take a practical view as this obligation is principally there to capture subsales or the wholesaling and assigning of property.
When it comes to lenders such as Lloyds, do Littleport property lawyers face a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
My partner and I have organised the release of further funds on our mortgage from UBS as we want to carry out a loft conversion to our home in Littleport. Do we need to appoint a high street Littleport solicitor on the UBS conveyancing panel to deal with the legals?
UBS do not ordinarily appoint a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS panel.
three months have gone by since my purchase conveyancing in Littleport concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. 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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, no chain conveyancing. Littleport is the location of the property. Can you offer any opinion?
Flying freeholds in Littleport are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Littleport you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Littleport may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My husband and I are 17 days into a leasehold purchase having been referred to a firm by the estate agent to perform conveyancing in Littleport. I am not happy. Can you help me find new solicitors?
A lawyer would have to be really bad in order to consider changing them. Has your loan offer been generated? If so you must make them aware of the replacement lawyer and have the loan are re-issued. Your conveyancer should be on the lenders approved list to avoid supplemental charges and frustration. That should be your starting point. Our search tool can help you find a bank approved solicitor for your home move in Littleport