My husband and I are buying a 1 bedroom flat in Lyneham with a mortgage. We like our Lyneham conveyancer, however the lender advise he's not on their "panel". It seems we have little option but to use one of the mortgage company panel firms or continue with our Lyneham property lawyer and pay for one of their panel firms to act for them. We feel that this is unjust; can we not require that the mortgage company use our Lyneham conveyancing practitioner ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Lyneham conveyancing lawyer to apply to be on the conveyancing panel.
Can you help? My Lyneham solicitor is advising me that he is legally obliged toorder Lyneham conveyancing searches becausethe firm are on the Santanderapproved lawyer panel. Do I not have a choice here?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a bank your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Lyneham conveyancing searches.
Why is leasehold purchase conveyancing in Lyneham is more expensive?
The conveyancing costs on a leasehold property in Lyneham is inevitably greater than on a freehold acquisition or disposal. This is because there is an amount of supplemental work necessary in communicating with the freeholder and management company to obtain evidence about whether the rent and service charges have been discharged and whether there are any major works due in the near future on repairs or maintenance of the block.
When it comes to mortgage companies such as Virgin Money, do Lyneham lawyers face a fee to be on the list of approved solicitors?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
is it true that all Lyneham conveyancing solicitors on the Yorkshire BS conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Yorkshire BS approved list of solicitors they would need to be governed by the SRA. Some mortgage companies do permit licenced conveyancers on their panel and in such a situation the firms would be overseen by the CLC.
Can I be sure that the Lyneham conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in Lyneham getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor handling your transaction.
Over the last few months I have been searching for a flat up to £305k and identified one near me in Lyneham I like with open areas and transport links nearby, however it only has 61 years unexpired on the lease. There is not much else in Lyneham in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan that many years will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.