I am in the process of selling my house in Cockermouth and the EA has just called to say that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the lender will only engage with solicitors on their conveyancing panel. On what basis would a big named mortgage company only engage with specific lawyers rather the firm that they want to select for their conveyancing in Cockermouth ?
Lenders have always had panels of law firms that can represent them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened 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 being contacted daily by practices that have been removed from panels. Some 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. The buyers are not going to have any sway in the decision.
The Cockermouth conveyancing firm handling our Cockermouth conveyancing has uncovered a difference when comparing the information in the valuation report and what is in the conveyancing documents. My solicitor says that he is duty bound to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Cockermouth? Is this really necessary?
To satisfy the Money Laundering Regulations any Cockermouth conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account showing where you reside.
Under Money Laundering Regulations, property lawyers are duty bound to validate not only the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this may lead to your lawyer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
I used Wolstenholmes a few years ago for my conveyancing in Cockermouth. Now, I need my files but the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Cockermouth of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Cockermouth is the location of the property. What do you suggest?
Flying freeholds in Cockermouth are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cockermouth you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cockermouth may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How straightforward is it to use your search app to get a costs illustration from a conveyancing practitioner in Cockermouth on the authorised to act for my mortgage?
1st choose a mortgage company such as Nationwide Building Society, Barnsley Building Society or Nottingham Building Society then type in your location a common one being Cockermouth. Conveyancing organisations in Cockermouth and beyond should be shown.