My wife and I are buying a 1 bedroom apartment in Downton with a mortgage. We like our Downton solicitor, but the mortgage company says he's not on their "panel". We have to appoint one of the lender panel firms or retain our Downton lawyer as well as pay for one of their panel lawyers to act for them. We regard this is inequitable; are we not able to require that the bank use our Downton property lawyer ?
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 bank’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 Downton conveyancing solicitor to apply to be on the conveyancing panel.
Please could you vouch for a Alliance & Leicester approved Downton conveyancing solicitor that can complete within 10 days? Would it be better to use a high street Downton firm or a factory type conveyancer?
We can recommend some very good Downton conveyancing firms. You can also walk up the high street in Downton. Go in to two or three law practices and ask to see a conveyancing solicitor for a fee estimate. Discuss your expectations together with your reasons and ask for a commitment on speed. Appoint the one that you are most comfortable with.
In what way does my ID and proof of funds have anything to do with my conveyancing in Downton? Is this really warranted?
To satisfy the Money Laundering Regulations any Downton conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility bill showing your correct address.
In accordance with Money Laundering Regulations, conveyancing solicitors are required to ascertain not simply the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this may result in your conveyancer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to inform the appropriate authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
My uncle passed away 10 months ago and as sole heir and executor I was left the house in Downton. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to TSB, pay off the mortgage. Is this possible?
If you plan to re-mortgage then TSB will insist on your using a conveyancer on the TSB conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your TSB conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the TSB mortgage is registered as a charge at the Land Registry.
I am downsizing from my house. My past solicitors closed down. I would be grateful for any recommendation of a conveyancing firm. Im based in Downton if that makes things easier.
Please use our search tool to help you find a solicitor for your conveyancing in Downton. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
My partner and I are buying a studio flat in Downton. At the time of instructing our lawyer, they told us that they were on all mainstream mortgage company panels. Our mortgage broker contacted us just now to advise that they don't seem to be on the TSB approved list. Were it to be true, what should we do? Should we just pick a different conveyancer that is on their panel or should we cover the costs for separate representation, with TSB selecting their own preferred conveyancer.
When buying a property with mortgage finance it is conventional for the purchaser’s lawyers to also act for the mortgage company. In order to act for a bank or building society a lawyer has to be on that lender's conveyancing panel. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the conveyancer has to meet. Some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should call TSB and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on TSB's conveyancing panel and you may continue to use your own Downton solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.