We are planning to acquire a 2 bedroom apartment in Mile End with a mortgage. We like our Mile End lawyer, but the mortgage company says he's not on their "panel". We have to appoint one of the bank panel solicitors or continue with our Mile End property lawyer as well as pay for one of their panel lawyers to represent them. This seems very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Mile End conveyancing lawyer to apply to be on the conveyancing panel.
Is there a reason why leasehold purchase conveyancing in Mile End is more expensive?
Mile End leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
We had instructed conveyancing lawyers locally in Mile End on the Principality solicitor panel. They are now charging me an additional fee for handling the Principality mortgage. Is this an additional conveyancing fee specified by Principality?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your solicitor can charge a fee for this. The fee is not set by Principality but by your Mile End solicitor. Numerous firms on the Principality panel will charge an ‘acting for lender’ fee and others do not.
I was told four weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Mile End is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
My sealed bid on a house in Mile End has been accepted, the owners do nevertheless have a connected purchase. The sellers have put an offer on on an apartment, but it’s not yet agreed to, and are looking at other properties in the pipeline. I have selected a local conveyancing solicitor in Mile End. What do I do now? When should I get the mortgage application with Clydesdale started?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then valuation, Mile End conveyancing search charges, etc). The first course of action is to ensure that your conveyancing practitioner is on the Clydesdale conveyancing panel. As to the next steps this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. In a hot market the majority of purchasers would apply for the mortgage with Clydesdale and pay for the valuation and only if it was satisfactory would they pay their solicitor to move forward with the conveyancing in Mile End.
What tools are available to search for a Mile End solicitor on the Halifax conveyancing panel? I am a keen cyclist and am prepared to travel upto 25kilometers to meet the solicitor.
You can use the search on this page. Please select a mortgage company and your location and you will see a number of Mile End conveyancing lawyers locally. We have detailed some Mile End conveyancing firms towards the end of this page and you can ring them to see whether they are on the Halifax approved list
Am I best advised to instruct a Mile End conveyancing solicitor based in the vicinity that I am purchasing? I have an old university friend who can deal with the legal work however her office is 400miles drive away.
The primary upside of using a high street Mile End conveyancing firm is that you can drop in to sign documents, deliver your ID and apply pressure on them if necessary. Having local Mile End know how is a bonus. However it's more important to get someone that will do a good and efficient job. If other friends have used your friend and on the whole were content that should trump using an unfamiliar Mile End conveyancing solicitor solely due to them being local.
My solicitors in Mile End have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the lender conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.