I am one month into the sale of my ground floor flat in Isle Of Wight and the estate agent has just e-mailed to warn that the purchasers are swapping property lawyer. I am told that this is due to the fact that the bank will only engage with solicitors on their approved list. Why would a major lender only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Isle Of Wight ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. 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. Your buyers are not going to have any impact on this.
Our lawyer has discovered a a problem with the lease for the apartment we are buying in Isle Of Wight. The other side have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must be satisfied that the mortgage company is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
Having invested time scouring online forums for an affordable lawyer in Isle Of Wight, most comment that I should look for a CQS kitemarked lawyer. What is CQS?
Isle Of Wight Conveyancing Quality Scheme law firms have achieved accreditation by the law Society CQS was created to promote high standards in the in the legal transfer of properties. CQS enables buyers and sellers to identify practices that provide a quality residential conveyancing. Isle Of Wight is one of the many areas in England and Wales in which accredited firms have offices. The conveyancing scheme requires solicitors to undergo a strict assessment, compulsory training, self-certification, spot checks and yearly assessments in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Association of British Insurers.
I purchased my apartment on 16 March and my personal details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Isle Of Wight said it will be formalised in a couple of weeks. Are titles in Isle Of Wight uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Isle Of Wight registration formalities. Rather than based on location, timescales can vary subject to the party submitting the application, whether there are errors and if the Land registry must send notices to any other parties. As of today approximately 80% of submission are fully dealt with within 12 days but occasionally there can be longer hold-ups. Historically registration takes place after the buyer is living at the property so an expedited registration is not usually primary concern yet if it is urgent that the the registration takes place urgently then you or your solicitor must contact the land registry and explain the circumstances.
My husband and I are new on the property ladder - had an offer accepted, yet the property agent told us that the owners will only go ahead if we use the agent's chosen solicitors as they are insisting on an ‘expedited deal’. We would rather use a high street conveyancer used to conveyancing in Isle Of Wight
It is unlikely the vendors are behind this. If they require ‘a quick sale', alienating a motivated purchaser is counter productive. Contact the sellers directly and make the point that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you are going to use your own,trusted Isle Of Wight conveyancing lawyers - rather thanthe ones that will give the negotiator at the agency a referral fee or meet his conveyancing thresholds pre-set by HQ.
I was advised by my bank that their approved conveyancers operate no sale no charge basis for conveyancing in Isle Of Wight. Our purchase aborted yet the conveyancers want search fees! They are stating that the fees are nothing to do with their fees!
in offering "no move no fee" Isle Of Wight conveyancing firms are waiving their charges for any work carried out. We must stress this does not constitute an insurance scheme. you will still need to pay for any costs that your lawyer has expended for you for instance Isle Of Wight local authority searches