I am nearing exchange of contracts for my ground floor flat in Darton and the EA has just called to warn that the purchasers are swapping property lawyer. I am told that this is due to the fact that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a major lender only work with certain law firms rather the firm that they want to select to handle their conveyancing in Darton ?
Lenders have always had panels of law firms they are willing to work with, 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 more than 25 years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose 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. Your buyers are unlikely to have any impact on this.
I am only a couple days away from an exchange on a property in Darton and my mum and dad have sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The solicitor is legally required to check with the bank to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Darton? Is this really necessary?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing instruction. The Terms of Engagement that you need to sign will no doubt confirm this. Your lender will also require certain documents to be checked. Should you are unwilling to hand over ID verification documents, your conveyancer would not be able to act for you.
I am looking to buy a flat and require a conveyancing solicitor in Darton who is on the Virgin Money approved. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Virgin Money in certain locations such as Darton. We dont recommend any particular firm.
I happen to be the single recipient of my late father’s will with all property in now in my sole name, including the house in Darton. The Darton property was put into my name in July. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship will be treated the same way as if I'd bought the house in July. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How practical a view banks take of it, depend on the lender as this obligation is chiefly there to identify subsales or the quick reselling of property.
Completion of my remortgage has taken place for my property in Darton. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I am due to exchange contracts on my apartment. I had a double glazing fitted in March 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Kent Reliance are being problematic. The Darton solicitor who is on the Kent Reliance conveyancing panel is saying indemnity insurance will be fine but Kent Reliance are requiring a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance 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 am close to exchanging contracts on the sale of our property in Darton and according to the buyers it appears that there is a risk of it being built on contaminated land. Any local lawyer would know that there is no such problem. It does beg the question why the purchasers instructed a national conveyancing firm as opposed to a conveyancing solicitor in Darton. Having lived in Darton for many years we know that this is a non issue. Should we contact our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)