My partner and I are looking to buy a house in Stamford Bridge and have appointed a Stamford Bridge conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. HSBC Bank have this evening contacted us to inform me that they have now hit a problem as our Stamford Bridge conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers 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 bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Stamford Bridge solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Do lenders provide you with an approved list of Stamford Bridge conveyancing solicitors? How do you know who is on the Lloyds conveyancing panel?
Stamford Bridge conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
How does conveyancing in Stamford Bridge differ for new build properties?
Most buyers of new build property in Stamford Bridge come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Stamford Bridge tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Stamford Bridge or who has acted in the same development.
I opted to have a survey done on a property in Stamford Bridge ahead of instructing solicitors. I have been advised that there is a flying freehold element to the property. My surveyor advised that some lenders may refuse to give a mortgage on this type of property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Stamford Bridge. Conveyancing may be slightly more expensive based on your lender's requirements.
We are 3 weeks into a leasehold purchase having been recommend to conveyancers by the estate agent to execute conveyancing in Stamford Bridge. I am not happy. Can you you assist me in finding new lawyers?
They would need to be very poor in order to consider replacing them. Has the loan offer been sent? If so you must advise them of the new conveyancer and get the mortgage documents are re-issued. Your conveyancer should be on the mortgage company panel to avoid escalating charges and frustration. That should be your first question of the new conveyancers. The search tool can help you find a bank approved conveyancer for your home move in Stamford Bridge
What are the common defects that you witness in leases for Stamford Bridge properties?
There is nothing unique about leasehold conveyancing in Stamford Bridge. All leases are unique and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
A duty to insure the building Repairing obligations to or maintain elements of the premises
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
Leasehold Conveyancing in Stamford Bridge - Examples of Queries Prior to buying
How much is the annual maintenance fee and ground rent? Are any of leasehold owners in arrears of their service charge liability?