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I am obtaining a mortgage with Holmesdale Building Society. my intention is to employ the services of a Licensed Conveyancer. Does the Holmesdale Building Society Conveyancing panel allow for conveyancers regulated by the CLC
Holmesdale Building Society’s conveyancing panel is, like many other lenders represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
I do hope you can help me. My lawyer is assuring me that he has to apply for a Local Authority search as the firm are on the Holmesdale Building Society approved lawyer panel. The searches cost a lot of money. Can this be avoided?
You have limited options available to you. As you are taking a mortgage with Holmesdale Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Holmesdale Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Holmesdale Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Are the lawyers identified as being on the Holmesdale Building Society conveyancing panel, together with their details provided by Holmesdale Building Society?
The firms themselves provide us confirmation that they are on the Holmesdale Building Society conveyancing panel as opposed to being supplied with a list from Holmesdale Building Society directly.
Please explain the implications if my solicitor is suspended from the Holmesdale Building Society Conveyancing panel in advance of the moving date as agreed at exchange of contracts?
First, this is a very rare occurrence. 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 at a cost.
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to move forward? I hope to get a mortgage with Holmesdale Building Society. Is it possible to avoid using solicitors to save on the costs? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Holmesdale Building Society involved you will need to appoint a solicitor on the Holmesdale Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Holmesdale Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Holmesdale Building Society conveyancing panel.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Holmesdale Building Society on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Holmesdale Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the Holmesdale Building Society panel she or he must comply with the CML Handbook requirements for Holmesdale Building Society. Unless your lawyer obtains specific confirmation in writing that Holmesdale Building Society 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 Holmesdale Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
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 do I do now? When should I get the mortgage app going with Holmesdale Building Society?
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 Holmesdale Building Society 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 Holmesdale Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.