I am not in a position to travel far from Burbage. Can you please explain the reason why all Burbage solicitors are not on all mortgage company panels?
A decade ago most lenders displayed an attitude to risk which is different from today. The financial regulator in 2010 conducted a thematic review into fraud which in summary warned lenders: know the lawyers on your panel. As a result, banks have subsequently soughtmore information from law firms concerning their processes and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Many law practices have been removed from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum amount of transactions the lenders required.
I do hope you can help me. My Burbage conveyancer is assuring me that he has toconduct Burbage conveyancing searches asthe firm are on the Virgin Moneyconveyancing panel. These Burbage searches cost a lot of money can this be avoided?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a mortgage with a mortgage company your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Burbage conveyancing searches.
My stepmother advised me that in buying a property in Burbage there could be a number of restrictions as to what one can do in terms of external changes to the property. Is this right?
We are aware of a number of properties in Burbage which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Burbage should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to lenders such as Kent Reliance, do Burbage property lawyers face a fee to be on the conveyancing panel?
We are unaware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I am purchasing a property in Burbage. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nottingham be concerned?
Given that your lender is Nottingham your lawyer must check the formal requirements contained in Section two of UK Finance Lenders’ Handbook for Nottingham. The Council of Mortgage Lenders’ Handbook stipulates minimum specifications for solar panel roof-space leases, and conveyancers are required to report to Nottingham where a lease does not meet these specifications. The requirements relate to the installation of panels on properties countrywide and is not isolated to Burbage.
I have been told that property searches are the number one cause of delay in Burbage conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Burbage.
I have recentlybeen informed that Arc property Solicitors have been shut down. They conducted my conveyancing in Burbage for a purchase of a leasehold flat 12 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The easiest way to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Burbage conveyancing specialists.
What is the reason for my lawyer requiring various items of identification before they can proceed with selling or buying a property in Burbage?
Burbage solicitors are duty bound by the Law Society, Solicitors Regulation Authority, HM Land Registry and current AML Regulations to record that the have verified the identity of their clients. It is also sometimes a condition of your bank where you are taking a mortgage. In addition they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, national insurance number and DOB.