I am 4 weeks into the sale of my flat in Minera and the EA has just telephoned to advise that the buyers are changing their law firm. The excuse is that the bank will only deal with solicitors on their approved list. Why would a big named lender only deal with specific lawyers rather the firm that they want to select to handle their conveyancing in Minera ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 buyers are unlikely to have any sway in the decision.
My husband and I decided to purchase a 3 bedroom flat in Minera with a homeloan from Skipton Building Society.We like our Minera conveyancing solicitor but Skipton Building Society advised that she’s not listed on their "panel". It seems we have no choice but to instruct a Skipton Building Society panel solicitor or keep our high street solicitor and fork out for a Skipton Building Society panel lawyer to represent them. This seems very unfair; Can we not simply insist that Skipton Building Society use our lawyer?
Unfortunately,no. The home loan issued to you contains various provisions, a common one being that lawyers needs to be on the Skipton Building Society solicitor panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Skipton Building Society
I had a mortgage agreed in principle with UBS. Minera conveyancing solicitors have been appointed. What is the average time that one could expect to receive a mortgage offer from UBS?
There is no definitive answer here. Have UBS done the valuation? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am currently in the process of buying my council flat in Minera. I have a mortgage agreed with HSBC. 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 have 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 HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
I can not work out if my mortgage offer requires a lease extension. I have called into my local Minera bank branch on various occasions and was told it wasn't a problem and they will lend. My Minera conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend in accordance with their published requirements. I have no idea who is right.
The property lawyer has to follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I used Action Conveyancing several years ago for my conveyancing in Minera. Now, I need the documents but the law firm is no longer operating. 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 Minera of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Is it best to choose a Minera conveyancing practitioner who is local to the property I am purchasing? I have an old university friend who can perform the legal formalities but her office is 300kilometers drive away.
The benefit of a local Minera conveyancing firm is that you can visit the firm to execute documents, deliver your identification documents and pester them where appropriate. Having local Minera know how is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and in the main were happy that must trump using an unfamiliar Minera conveyancing lawyer solely due to them being based in the area.
We are in the process of purchasing a flat in Minera. Conveyancing is not complete but we wish to keep our purchase price private from the likes of Nestoria. How do I ensure this is not disclosed?
HM Land Registry as a matter of law bound to specify price sold data on the official title for residential properties countrywide which includes premises in Minera. The register of ownership is an open document, so the Land Registry would be breaching their statutory obligations if they did not allow access to the register.
You can make a request of HMLR to withhold the price paid entry yet the answer will be a No.