I am progressing with the sale of my home in Freezywater and the estate agent has just e-mailed to warn that the purchasers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Freezywater ?
Mortgage companies have always had panels of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. The purchasers are unlikely to have any impact on this.
Please help. My Freezywater conveyancer is informing me me that he is legally obliged toapply for Freezywater conveyancing searches due to the fact thatthe firm are on the Lloydssolicitor panel. These Freezywater searches cost a lot of money can this be avoided?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with a lender your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Freezywater conveyancing searches.
My lawyer has informed me that chancel insurance is required on my purchase. What is the level of cover for Freezywater conveyancing?
The right level of chancel indemnity insurance depends on your lender. It would differ for example between Nationwide Building Society and Coventry Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
I have decided to exercise my right to buy my property in Freezywater off the council. I have a mortgage offer with RBS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
I currently have a mortgage with Lloyds for my property in Freezywater. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
You must advise Lloyds prior to renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. You need not do this via a Lloyds conveyancing panel firm.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The conveyancers who handled the conveyancing in Freezywater 4 years ago have long since closed. What are my next steps?
Nowadays there are duplicates made of almost everything, and your conveyancer will be aware precisely where to find all the appropriate documentation so you may buy or dispose of your property without any difficulty. If duplicates can’t be found, your solicitor can arrange cover in the form of insurance or indemnities protecting you against future claims on your property.
I am thinking of appointing a conveyancing practitioner in Freezywater for my home move. Is it possible to see a firm’s complaints history with the profession’s regulator?
One can find documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions started on or after Jan 2008. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The SRA could recorded telephone calls for training reasons.
What tools are available to find a Freezywater conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to 25kilometers to attend the lawyer.
Feel free to make use of the find a conveyancing panel search on this website. Please choose the lender and your location, in this case Freezywater and you will see a number of lawyer located nearest Freezywater. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.