We are buying a 1 bedroom flat in Stockbridge with a mortgage. We like our Stockbridge solicitor, but the bank says she’s not on their "panel". It seems we have no option but to appoint one of the mortgage company panel conveyancing practices or keep our Stockbridge conveyancer and pay for one of their panel firms to act for them. We consider that this is inequitable; is there anything we can do?
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 Stockbridge conveyancing solicitor to apply to be on the conveyancing panel.
My fiance and I changing mortgage lender for our apartment in Stockbridge with Nottingham. We have a son approaching twenty who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have two concerns (1) Is this form unique to the Nottingham conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Nottingham conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nottingham. This is solely used to protect Nottingham if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nottingham had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
When it comes to lenders such as Principality, do Stockbridge conveyancers have to pay a fee to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
is it true that all Stockbridge solicitors on the Nottingham conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Nottingham approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel in which case such firms would be governed by the CLC.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Stockbridge bank branch on numerous occasions and was told they are content with the situation and they would lend. My Stockbridge conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. I have no idea who is right.
Provided that the lawyer is on the mortgage company approved list, they must follow the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
The deeds to my property can not be found. The lawyers who conducted the conveyancing in Stockbridge 4 years ago are no longer around. Will I be able to sell the house?
Gone are the days when you need to have the physical official documentation to evidence that you are the owner of your registered land or property, given that the Land Registry hold details of all registered land or property electronically.
Hoping to buy a property located in Stockbridge and I am already nervous. I couldn't find anything specific about Stockbridge. Conveyancing will be needed in due course but do you know about the Stockbridge area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Stockbridge. In the meantime here are some basic statistics that we found
I have appointed a Stockbridge conveyancing solicitor for our house purchase (first time buyers) and have noticed in the engagement letter that they are not covered by the Financial Conduct Authority. Am I right to be concerned or is that standard with property lawyer?
We can't see why they should be. Most solicitor don't lend money. They should be regulated by the Solicitors Regulation Authority, who set specific obligations in place on funds sitting on client account.