My husband and I are hoping to buy a property in Morecambe and are in fact using a Morecambe conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Bank of Scotland have this morning contacted us to advise us that there is now an issue as our Morecambe solicitor is not on their conveyancing panel. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also act for 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 Quality Scheme. Your property lawyer 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Morecambe lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My wife and I are soon to exchange buying a property in Morecambe but as a consequence of wreckage from the recent storms I have managed to agree reparation from the vendor in the sum of six thousand pounds taking the form of a deduction in the price. This was going to be addressed as part of a side agreement but Lloyds are not allowing this. Why were they approached?
The solicitor that is on a Lloyds approved list is required to inform Lloyds of any amendments to the sale price. If you were to refuse your lawyer to notify the price change to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new lawyer for your conveyancing in Morecambe.
My uncle passed away six months ago and as sole heir and executor I was left the house in Morecambe. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this allowed?
If you intend to re-mortgage then Aldermore will require that you use a conveyancer on the Aldermore conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Aldermore conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Aldermore mortgage is registered as a charge at the Land Registry.
I decided to have a survey done on a property in Morecambe in advance of retaining solicitors. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some lenders tend not issue a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different instructions from Halifax. If you call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Morecambe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Morecambe to see if the conveyancing will be more expensive.
I am 17 days into a freehold purchase having been directed to solicitors by the selling agent to execute conveyancing in Morecambe. We are not happy. Can you you assist me in finding new lawyers?
A conveyancer would need to be very bad in order to consider diss instructing them. Has your mortgage been sent? In the event that it has you must make them aware of the replacement solicitor and have the offer are issued to the new lawyers. Your conveyancer needs to be on the banks approved list to avoid supplemental expenses and frustration. That should be your first question of the new conveyancers. The find a solicitor tool will help you find a lender approved solicitor for your conveyancing in Morecambe
Me and my husband accepted an offer on a Morecambe bungalow left to us ten years ago in 2010. I have over a decades worth of conveyancing knowledge and, now retired, see no reason not to do the legal work. The purchaser's conveyancing practitioner has informed me that their bank will not allow you to do your own conveyancing as they require the funds to be sent to a solicitor's bank account.
Lending instructions to conveyancers from all mainstream lenders specify that If the seller does not have legal representation the purchaser’s lawyers should check whether the mortgage company needs to be informed so that a decision can be reached as to whether or not they are prepared to proceed.