I am not in a position to travel far from Earley. Is there a reason why all Earley lawyers are not on all bank panels?
Before the recession most mortgage companies had an attitude to risk which is different from today. The FSA in 2010 carried out a thematic review into property fraud which in summary warned lenders: know the solicitors on your panel. As a result, lenders have since looked to extract more information from law firms concerning their processes and the staff who work for them and set certain criteria such as completing a minimum number of transactions. Many firms have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the criteria of volume of transactions the mortgage companies set.
The Earley conveyancing firm that I recently instructed on my purchase in Earley have suddenly shut down. They were on acting for me because I needed a lawyer on the Leeds Building Society conveyancing panel and my family Earley lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would 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 Leeds Building Society 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 solicitors may be able to assist.
I have today made my last payment due on my mortgage with UBS. I assume I don't need a Earley property lawyer on the UBS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your UBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the UBS mortgage from the register. UBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
I can not fathom if my lender requires a lease extension. I have called my Earley bank branch on numerous occasions and was informed it wasn't an issue and they would lend. My Earley conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend based on their specific requirements. Who do I believe?
The property lawyer must comply with the Council of Mortgage Lenders’ Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
After shopping around on the internet I have found a Earley solicitor having checked that they are on the Virgin Money conveyancing panel. Does my lawyer arrange the survey of the property?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Earley postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Earley.
How does conveyancing in Earley differ for newly converted properties?
Most buyers of new build residence in Earley contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Earley typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Earley or who has acted in the same development.
What tools are available to locate a Earley law firm on the Godiva Mortgages Ltd conveyancing panel? I have a car and am willing to travel upto 10miles to meet the lawyer.
Feel free to make use of the tool on this website. Please pick a bank and your location and you will see a number of Earley conveyancing lawyers located nearest you. We have listed some Earley conveyancing firms towards the end of this page and you can call them to see whether they are on the Godiva Mortgages Ltd member panel
My a decade ago. He has been married, divorced and is now remarried. He now wishes to the sell the Earley property. I think he will simply be need to supply copies of his marriage certificates to the conveyancer but he is concerned it could delay the conveyancing. Should he instruct a conveyancing practitioner to update the land title details for the house?
You are not required to bring up to date the title for the property providing you have the evidence needed to demonstrate how the change of name resulted.
The purchaser’s conveyancing practitioner will examine the title information and request evidence to establish the change of name for example marriage documentation.