My partner and I are hoping to acquire a property in Loughton and are in fact using a Loughton conveyancing firm. 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. TSB have this evening contacted us to inform me that they have now hit a problem as our Loughton solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors 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 Accreditation Scheme. Your solicitor should contact your mortgage company 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 Loughton 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 buying a flat and require a conveyancing solicitor in Loughton who is on the Bank of Ireland approved. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Bank of Ireland in certain locations such as Loughton. We dont recommend any particular firm.
is it true that all Loughton solicitor practices on the TSB conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the TSB approved list of solicitors they would need to be regulated by the SRA. Many lenders do list licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
It is not clear whether my lender requires a lease extension. I have called my Loughton building society branch on numerous occasions and was informed it wasn't a problem and they would lend. My Loughton conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. I simply don't know who is right.
Your property lawyer has to comply with the CML Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
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 Loughton solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore 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. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Loughton postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Loughton.
Is it necessary to pay for insurance to address the risk of chancel repairs when purchasing a property in Loughton?
Unless a prior acquisition of the house took place post 12 October 2013 you could expect lawyers delivering conveyancing in Loughton to remain recommending a chancel search and or chancel repair liability policy.
Just had an offer accepted on a new build flat in Loughton. 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.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Loughton
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are architect prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision.
Due to the input of my in-laws I had a survey completed on a house in Loughton prior to instructing solicitors. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some lenders may refuse to issue a mortgage on a flying freehold home.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Loughton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Loughton to see if the conveyancing costs will increase in light of this.