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Landbay Partners Conveyancing Panel : Questions and Answers
I am getting a mortgage with Landbay Partners. my intention is to retain the legal services of a Licensed Conveyancer. Does the Landbay Partners Conveyancing panel allow for Licensed Conveyancers
Landbay Partners’s approved solicitor list is, like many other lenders associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
My son-in-law is purchasing a house that has just been built with a mortgage from Landbay Partners. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Landbay Partners conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Landbay Partners conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have been searching for online conveyancing estimates. Can I be assured that all the firms that are identified on your directory are on the Landbay Partners conveyancing panel?
The law firms listed on our site have advised us that they are on the Landbay Partners panel and agreed to advise us to take down their listing in the event of removal off of the Landbay Partners panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Landbay Partners conveyancing panel is incorrect.
Please explain the implications if my solicitor is expelled from the Landbay Partners Solicitor panel prior to the moving date as agreed at exchange of contracts?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I am about to exchange contracts on a purchase with a mortgage from Landbay Partners. The report from my solicitor mentions that Landbay Partners could withdraw their offer before completion. Is this right?
Lenders such as Landbay Partners can revoke their mortgage offer although this is unusual. In the unlikely event that Landbay Partners withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a number of examples:
- If the borrower informs Landbay Partners of a change in the loan amount agreed
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Landbay Partners conveyancing panel solicitors would be obliged to notify Landbay Partners of a change in the price of the property.
- Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the solicitor on the Landbay Partners conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Landbay Partners ‘s instructions
Landbay Partners have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Landbay Partners or your broker and complete any relevant paperwork. Landbay Partners will tell you what documents they want. Landbay Partners will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Landbay Partners will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Landbay Partners?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Landbay Partners conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Landbay Partners and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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