I am progressing with the sale of my house in Ely and the estate agent has just e-mailed to warn that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with specific lawyers rather the firm that they want to select for their conveyancing in Ely ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to oversee. 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 do not even realise 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 unlikely to have any sway in the decision.
Due to complete my purchase in Ely next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the lender expect the insurance to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not unique to conveyancing in Ely.
We are purchasing a property and require a conveyancing solicitor in Ely who is on the HSBC conveyancing panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for HSBC . We don't recommend any particular firms conducting conveyancing in Ely.
I am purchasing a right to buy a flat in Ely. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Ely you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ely.
I have recentlyfound out that Action Conveyancing have been shut down. They carried out my conveyancing in Ely for a purchase of a leasehold apartment 18 months ago. How can I check that the property is registered correctly in the name of the previous owner?
The quickest method to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Ely conveyancing specialists.
What does commercial conveyancing in Ely cover?
Ely conveyancing for business premises covers a broad range of services, offered by qualified solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.