I am one month into the sale of my house in Burslem and the EA has just telephoned to warn that the buyers are swapping conveyancer. I am told that this is due to the fact that the lender will only deal with solicitors on their conveyancing panel. Why would a big named lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Burslem ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent 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 many years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to oversee. 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 are unaware that 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.
we are a couple who are buying a newly converted flat in Burslem with a homeloan from Aldermore.We have a Burslem conveyancing practitioner but Aldermore advised that she’s not listed on their approved list of member firms. It seems we are left with little choice but to instruct a Aldermore panel solicitor or keep our preferred solicitor and pay for a Aldermore panel lawyer to represent them. This seems very unfair; Can we not simply insist that Aldermore use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, a common one being that conveyancers must be on the Aldermore solicitor panel. in the past, most banks had large numbers of solicitors 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for Aldermore
Can you point me to a directory of Nationwide panel solicitors in Burslem on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the CML or Building Society Association websites. A small selection of mortgage companies make their panel listings available over the internet. If you are looking for a Burslem conveyancing practitioner on the Nationwide please make the most of our facility.
I am selling my apartment. I had a double glazing fitted in May 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, TSB are being problematic. The Burslem solicitor who is on the TSB conveyancing panel is happy to accept ‘lack of building regulation’ insurance but TSB are requiring a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I was told three weeks ago that my mortgage has been agreed to by HSBC. Is it usual for HSBC to only issue the offer once my solicitor in Burslem is approved on their conveyancing panel? HSBC have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyer's application to be on the HSBC conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should commercial conveyancing searches disclose planned roadworks that could impact a commercial premises in Burslem?
Many commercial conveyancing solicitors in Burslem will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Burslem. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Burslem.
For every commercial conveyancing transaction in Burslem it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to Burslem commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in Burslem.
I have been on the look out for a flat up to £235,500 and identified one round the corner in Burslem I like with a park and station nearby, however it only has 49 years on the lease. I can't really find anything else in Burslem in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I am thinking of appointing a conveyancing lawyer in Burslem for my house move. Is it possible to check a solicitor's record with the legal regulator?
One may see presented Solicitor Regulator Association (SRA) determinations resulting from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The SRA may monitor telephone calls for training reasons.