I am nearing exchange of contracts for my maisonette in Littleborough and the EA has just telephoned to say that the buyers are appointing a new solicitor. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Littleborough ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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 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. Your purchasers are not going to have any sway in the decision.
Why do I have to pay up front for my conveyancing in Littleborough?
If you are buying a property in Littleborough your lawyer will request that you put them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the purchase price then this will be needed shortly in advance of contracts are exchanged. The final balance that is needed should be transferred shortly before completion.
What happens if my solicitor is expelled from the UBS Solicitor panel ahead of completing my conveyancing in Littleborough?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
is it true that all Littleborough solicitor practices on the Co-operative conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Co-operative conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. The majority of mortgage companies do allow licenced conveyancers on their panel and in that case the organisation would be regulated by the CLC.
I'm in the throws of viewing apartments in Littleborough and I am about to put in an offer. Is it advisable to have a property lawyer on ‘stand by’? I will be getting a home loan with Skipton.
It would be wise to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are obtaining a mortgage with Skipton, make sure you remember to check that your lawyer is on the Skipton conveyancing panel.
I am due to exchange contracts on my apartment. I had a double glazing fitted in September 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, HSBC are being a right pain. The Littleborough solicitor who is on the HSBC conveyancing panel is saying indemnity insurance will be fine but HSBC are requiring a building regulation certificate. Why do HSBC have a conveyancing panel if they don't accept advice from them?
It is probably the case that HSBC have referred the matter to their valuer. The reason why HSBC may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have been on the look out for a ground for flat up to £245,000 and found one near me in Littleborough I like with a park and station in the vicinity, however it only has 51 years unexpired on the lease. I can't really find anything else in Littleborough in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will likely be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I'm purchasing a house in Littleborough. I can find my conveyancer's company on the CLC list, but I can't see my lawyer's name as listed on the regulator's website. Should I be concerned?
Not all staff in the company must be listed by the regulator. Provided there is someone qualified to 'oversee' the transaction, the actual day-to-day activity can be undertaken by unlicensed staff.