My wife and I are planning to purchase a home in Gresford and have appointed a Gresford conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. The Royal Bank of Scotland have this evening contacted us to inform me that there is now an issue as our Gresford lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Gresford lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Due to move into my new home in Gresford next Tuesday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the mortgage company 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 UK Finance Lenders’ Handbook conditions. These requirements are not unique to conveyancing in Gresford.
I used Arc property Solicitors several years ago for my conveyancing in Gresford. I now require my file however cannot find the solicitor. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Gresford of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I have been recommended by numerous estate agents in Gresford to select a conveyancer on your site. What’s the financial advantage for Estate Agents to recommend your lawyers rather than alternative conveyancing organisations?
We don’t give any commission for directing people in our direction. We found it would be just too difficult to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
Am I best advised to appoint a Gresford conveyancing practitioner based in the area that I am buying? We have a good friend who can handle the legal work but her office is 200kilometers drive away.
The benefit of a high street Gresford conveyancing practice is that you can visit the firm to execute documents, present your ID and pester them where appropriate. They will also have local intelligence which is a plus. However it's more important to get someone that will do a good and efficient job. If other friends have used your friend and on the whole were content that must trump using an unknown Gresford conveyancing solicitor solely due to them being Gresford based.
My work colleague mentioned that when choosing a conveyancing solicitors they need approved by your bank. It happens to be my first house move but I have an offer in principle via Nat West Bank and I already have a family conveyancing solicitor in Gresford on standby. Can HSBC insist on an approved solicitor to be used? Does a directory of panel conveyancers even exist so I can appoint a conveyancing lawyer in Gresford?
You should use a solicitor that is on the HSBC panel. The first thing to do is ring your preferred Gresford conveyancing lawyer and ask if they are on the HSBC panel. If they are not approved you have a couple of alternatives open to you here:
- Proceed with your preferred Gresford property lawyer but HSBC will need to appoint a solicitor on their approved list. The net result is additional fees together with likely interruption.
- Choose a new solicitor to act in the purchase, making sure they are on the HSBC conveyancing panel.
- Convince your conveyancing practitioner to do everything possible to join the HSBC conveyancing panel.