We are buying a 2 bedroom flat in Redcar and Cleveland with a mortgage. We wish to retain our Redcar and Cleveland lawyer, however the lender says he's not on their "panel". We have to appoint one of the lender panel solicitors or keep our Redcar and Cleveland property lawyer and pay for one of their panel lawyers to represent them. This feels very unfair; can we not demand that the bank use our Redcar and Cleveland property lawyer ?
Unfortunately,no. 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. Another option that might be available is for your Redcar and Cleveland conveyancing solicitor to apply to be on the conveyancing panel.
My house in Redcar and Cleveland is up for sale and I have a buyer. Will my lawyer need to be required to be on the Nationwide conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Nationwide conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
Is there a list of Co-operative panel conveyancers in Redcar and Cleveland on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. Very few banks make their panel listings available over the internet. Where you are looking for a Redcar and Cleveland lawyer on the Co-operative please use our tool.
We previously selected solicitors locally in Redcar and Cleveland on the Aldermore solicitor approved list. They have just billed me an additional charge for handling the Aldermore mortgage. Is this an additional conveyancing fee set by Aldermore?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your property lawyer is entitled to charge a fee for this. This fee is not set by Aldermore but by your Redcar and Cleveland lawyer. Numerous firms on the Aldermore panel will quote ’dealing with mortgage’ fee but many firms include it on their overall fee.
I am expecting a DIP from Coventry BS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Coventry BS recommend any Redcar and Cleveland solicitors on the Coventry BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Redcar and Cleveland solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
I need some quick conveyancing in Redcar and Cleveland as I am faced with pressure to exchange contracts in less than one month. A mortgage is not required. Is it possible to avoid the conveyancing searches to save money and time?
As you are not taking a mortgage you are at liberty not to have searches conducted although no lawyer would suggest that you don't. With lots of history conveyancing in Redcar and Cleveland the following are instances of issues that can arise and therefore affect future mortgageability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Redcar and Cleveland is where the house is located. Can you offer any opinion?
Flying freeholds in Redcar and Cleveland are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Redcar and Cleveland you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Redcar and Cleveland 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 property.
My son is just in the process of moving home, he had his mortgage in principle. When the offer was accepted on flat we called the lender to progress the mortgage application. We were shocked to discover that banks do not accept all solicitor, they need to be on their approved list, is this correct?
Banks ordinarily restrict either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Redcar and Cleveland property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.