I am nearing exchange of contracts for my ground floor flat in Barlaston and Tittensor and the EA has just telephoned to warn that the purchasers are appointing a new conveyancer. The excuse is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a big named lender only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Barlaston and Tittensor ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
All was ready to complete my purchase in Barlaston and Tittensor next Tuesday. My solicitor now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What risks does the bank expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These requirements are not limited to conveyancing in Barlaston and Tittensor.
We see that you have a search directory listing law firms on the UBS conveyancing panel. Do companies pay you a referral fee if I retain them for our conveyancing in Barlaston and Tittensor?
We are a listing service only for law firms wishing to communicate if they are on the UBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Barlaston and Tittensor.
Me and my partner are buying a apartment in Barlaston and Tittensor. It might be a silly question but how we can trust a conveyancer? At some point we have to send our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am buying a property in Barlaston and Tittensor. One unusual aspect is that the roof has a solar panel. Virgin Money have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Virgin Money your lawyer must comply with the conveyancing requirements contained in Part two of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook includes minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Virgin Money where a lease does not satisfy these provisions. The provisions relate to the installation of panels on properties in England and Wales and is not isolated to Barlaston and Tittensor.
I am expecting a AIP from TSB this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do TSB recommend any Barlaston and Tittensor solicitors on the TSB conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Barlaston and Tittensor solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
Do I need to take out insurance to address the risk of chancel repairs when acquiring a house in Barlaston and Tittensor?
Unless a prior purchase of the property completed after 12 October 2013 you may expect solicitors conducting conveyancing in Barlaston and Tittensor to continue to recommend a chancel search and or insurance against a claim.
My partner and I are acquiring a studio flat in Barlaston and Tittensor. At the time of instructing our property lawyer, they assured us that they were on all mainstream lender panels. Our financial adviser contacted us yesterday to advise that they don't appear to be on the Clydesdale approved list. Were it to be true, what should we do? Do we just choose a different conveyancing practitioner that is on their approved list or do we pay for dual representation, with Clydesdale selecting their own preferred conveyancer.
When acquiring a property with mortgage finance it is conventional for the purchaser’s solicitors to also act for the mortgage company. In order to act for a bank or building society a property lawyer has to be on that lender's list of approved lawyers. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the solicitor has to satisfy. Some building societies now insist their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancing practitioner should contact Clydesdale and see 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 don't have to instruct a firm on Clydesdale's conveyancing panel and you may continue to use your own Barlaston and Tittensor solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.