My wife and I are purchasing a 3 bedroom flat in Conisborough with a mortgage. We like our Conisborough solicitor, however the mortgage company advise he's not on their "panel". It appears that we have no choice but to appoint one of the mortgage company panel conveyancing practices or keep our Conisborough conveyancer and pay for one of their panel firms to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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 Conisborough conveyancing lawyer to apply to be on the conveyancing panel.
In what way does my ID and proof of funds have anything to do with my conveyancing in Conisborough? Is this really warranted?
To satisfy the Money Laundering Regulations any Conisborough conveyancing firm will require proof of identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility bill evidencing where you live.
Under Money Laundering Regulations, property lawyers are required to ascertain not just the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will lead to your solicitor cancelling their retainer 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 inform the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
The Conisborough conveyancing lawyers that I recently instructed on my house acquisition in Conisborough have suddenly shut down. I chose them because I needed a firm on the Aldermore conveyancing panel and my preferred Conisborough lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Aldermore conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
I am buying a new build house in Conisborough benefiting from help to buy. The builders would not reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not disclose to my conveyancer about the deal as it may affect my loan with HSBC Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Is it simple use your search facility to choose a conveyancing practitioner in Conisborough on the panel for my mortgage?
Step one is to choose a mortgage company such as HSBC Bank, Bank of Scotland or Bank of Ireland then specify your location such as Conisborough. Conveyancing firms in Conisborough and nationally should be shown.
My father-in-law mentioned that before choosing a conveyancing firm they need approved by your lender. It happens to be my first home move but I have an AIP from Nat West Bank and I already have a local conveyancing solicitor in Conisborough in place. Does HSBC require an approved conveyancer to be instructed? If so, where can I find that list for my conveyancing in Conisborough?
You need to instruct a solicitor that is on the HSBC panel. Simply telephone your chosen Conisborough conveyancing solicitor and ask if they are on the HSBC panel. If they are not approved you have numerous choices available to you here:
- Proceed with your chosen Conisborough solicitor but HSBC will no doubt use a property lawyer from their approved list. This will result in additional charges and potential interruption.
- Appoint a fresh conveyancing practitioner to conduct the conveyancing, ensuring that they are on the HSBC conveyancing panel.
- Convince your property lawyer to do everything possible to get listed on the HSBC conveyancing panel.