Me and my fiance are buying a 3 bedroom flat in Seahouses with a mortgage. We have a Seahouses conveyancer, however the bank advise she’s not on their "panel". We have to appoint one of the bank panel solicitors or keep our Seahouses conveyancing practitioner and pay for one of their panel firms to act for them. This feels very unfair; are we not able to demand that the mortgage company use our Seahouses property lawyer ?
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 Seahouses conveyancing solicitor to apply to be on the conveyancing panel.
We decided to purchase a newbuild apartment in Seahouses with a loan from Skipton Building Society.We have a Seahouses conveyancing solicitor but Skipton Building Society informed us she’s not on their approved list of firms. we are left little option but to use a Skipton Building Society panel solicitor or retain our preferred solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan offered to you contains various provisions, a common one being that conveyancers will be on the Skipton Building Society approved list. in the past, most mortgage companies had large numbers of law firms on their panels: a borrower could find 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Skipton Building Society
Should our lawyer be asking questions regarding flooding during the conveyancing in Seahouses.
Flooding is a growing risk for conveyancers conducting conveyancing in Seahouses. There are those who acquire a property in Seahouses, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, but there are a numerous checks that can be carried out by the buyer or by their conveyancers which can figure out the risks in Seahouses. The conventional set of property information forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to determine if the premises has historically flooded. If the residence has been flooded in past which is not revealed by the seller, then a purchaser may commence a claim for damages as a result of such an incorrect answer. The buyer’s lawyers may also order an enviro report. This should disclose if there is any known flood risk. If so, additional inquiries will need to be carried out.
Are there restrictive covenants that are commonly identified during conveyancing in Seahouses?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Seahouses. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
My husband and I are purchasing a 2 bedroom flat in Seahouses. When we first instructed property lawyer, they assured us that they were on all mainstream mortgage company panels. Our financial adviser contacted us just now to advise that they are not on the HSBC approved list. If it turns out to be true, what should we do? Should we just choose a different solicitor that is on their approved list or should we cover the costs for separate representation, with HSBC appointing their own preferred conveyancer.
When purchasing a property with the benefit of a mortgage it is normal for the purchaser’s lawyers to also represent the mortgage company. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's list of approved lawyers. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict criteria which the lawyer has to fulfill. Some building societies now insist their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancer should call HSBC to discover 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 HSBC's conveyancing panel as you are at liberty to use your preferred Seahouses lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.