My partner and I are looking to buy a flat in Rushden and have appointed a Rushden conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Halifax have this afternoon contacted us to advise us that they have now hit a problem as our Rushden solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the mortgage company. 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 bank 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 and you may continue to use your own Rushden solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My husband and I are getting closer to an exchange on a flat in Rushden and my mum and dad have sent the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has not arrived from me my lawyer needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your lawyer is legally required to check with lender to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I had intended to instruct a property lawyer in Rushden for our house purchase. Our broker informed us that our mortgage lenders Yorkshire Building Society won't deal with them. Why is this not regarded as unfair competition?
A decade ago most lenders had a different appetite for risk. Almost all Rushden conveyancing firms would have been on many lender panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms concerning their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum number of transactions. Many Rushden conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Rushden is one of the numerous areas where the lawyers we recommend are are authorised to act for Yorkshire Building Society.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Rushden. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Rushden
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
Do I need to be concerned that estate agents that I am dealing with are recommending a factory type conveyancing firm as opposed to a local Rushden conveyancing company?
As with lots of professional services, often input from connections can be worth their weight in gold. Nevertheless there are numerous people with a keen interest in a conveyancing deal; estate agents, financial adviser and lenders might all recommend solicitors to select. Sometimes the lawyers might be known to one of the organisations as experts in their field, but occasionally there exists a financial incentive behind the endorsement. You have the discretion to choose your own conveyancer. Don't forget that some lenders operate an approved list of conveyancers you have to use for the mortgage aspect of your home move.
My step-father has recommend that I instruct his conveyancers in Rushden. Should I use them?
Much as we are happy to recommend a Rushden conveyancing lawyer the best way to choose a conveyancing solicitor is to have guidance from friends or family who have actually experience in using the firm you're are thinking of instructing.