I am selling my ground floor flat in Narborough and the EA has just called to say that the purchasers are changing their property lawyer. The reason given is that the bank will only deal with property lawyers on their approved list. Why would a major lender only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Narborough ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks justify this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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.
My god-son is about to exchange on a newly built flat in Narborough with a mortgage from Clydesdale. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Clydesdale conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Is it the case that all Narborough solicitor practices on the Leeds Building Society conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be governed by the SRA. Many mortgage companies do list licenced conveyancers on their panel in which case such practice would be overseen by the Council of Licensed Conveyancers.
I was told three weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in Narborough is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
My sealed bid on a property in Narborough has been agreed to, but there is a chain. The vendors have offered on on an apartment, however it’s not yet agreed to, and have viewings of other properties booked. I have selected a local conveyancing solicitor in Narborough. What do I do now? When should I get the mortgage application with Santander started?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx one thousand pounds, then valuation, Narborough conveyancing search fees, etc). First, you should check that your lawyer is on the Santander approved list. Concerning the next steps this very much depends on the specifics of your case, motivation for this property and on the state of the market. During a hot market the majority of home buyers would apply for a home loan with Santander and pay for the valuation and only if it was satisfactory would they request their property lawyer to move forward with searches.
Due to the input of my in-laws I had a survey completed on a house in Narborough before retaining solicitors. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies will not issue a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you e-mail us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Narborough. Conveyancing will be smoother if you use a solicitor in Narborough especially if they are acquainted with such properties in Narborough.
Taking into account that I will soon spend 450k on a two bedroom apartment in Narborough I wish to have a conversation with the conveyancer regarding thetransaction in advance of giving the go ahead to the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the solicitor who will be conducting your conveyancing in Narborough.There is no ‘factory style conveyancing’ - each client is an important person, not a matter number. The law firms that we put you in touch with believe that the fees you are quoted for residential conveyancing in Narborough should be the figure that you end up paying.
As co-executor for the estate of my grandfather I am disposing of a residence in Newport but live in Narborough. My lawyer (who is 260 miles awayhas requested that I sign a statutory declaration before the transaction finalising. Could you suggest a conveyancing practitioner in Narborough to attest and place their company stamp on the document?
Technically speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are Narborough based