My husband and I are planning to purchase a 1 bedroom flat in Caddington with a mortgage. We like our Caddington conveyancer, however the bank says she’s not on their "panel". It appears that we have no option but to instruct one of the bank panel firms or keep our Caddington conveyancer and pay for one of their panel lawyers to represent them. This seems very unfair; can we not demand that the mortgage company use our Caddington conveyancer ?
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 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 Caddington conveyancing solicitor to apply to be on the conveyancing panel.
My wife and I are acquiring a new build flat in Caddington and my solicitor is telling me that she is duty bound to the mortgage company to reveal incentives from the developer. I am under pressure to exchange contracts and I would rather not prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
How does conveyancing in Caddington differ for new build properties?
Most buyers of new build premises in Caddington approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in Caddington typically acquire the real estate, 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 Caddington or who has acted in the same development.
My husband and I are a couple of weeks into a residential purchase having been recommend to conveyancers by the estate agent to execute conveyancing in Caddington. I am am very dissatisfied with the quality of service. Could you help me find new solicitors?
They would have to be very poor in order to consider changing them. Has the mortgage been issued? If so you will need to make them aware of the new contact details and get the loan are issued to the new lawyers. Your conveyancer needs to be on the mortgage company panel to avoid escalating costs and frustration. So that should be your starting point. Our find a solicitor tool should help you find a bank approved solicitor for your home move in Caddington
We are hoping to buy a repossessed house in Caddington and the vendor would like to complete within a week. Can a property lawyer meet that timeframe? Am I best advised to instruct a local Caddington firm or an online company that advertises to offer speedy conveyancing?
Attend your Caddington shopping parade. Pop in to 3 solicitor’s offices and ask to talk to a conveyancing solicitor for an estimate. Discuss your needs and get assurances on speed. Select the one that seems most genuine. You need to use a conveyancing practitioner on the list of conveyancers acceptable to your mortgage company.