I am in the process of selling my home in Newbridge and the estate agent has just called to say that the purchasers are swapping law firm. I am told that this is due to the fact that the lender will only engage with solicitors on their approved list. Why would a leading lender only engage with certain lawyers rather the firm that they want to select for their conveyancing in Newbridge ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the past few 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 more than 25 years.
Lending institutions blame a rise in fraud as the reason for the reduction – 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 claims that it is hearing daily from firms 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. Your buyers are unlikely to have any sway in the decision.
The Newbridge conveyancing firm handling our Newbridge conveyancing has discovered a discrepancy between the surveyor’s assumptions in the home valuation survey and what is revealed within the conveyancing documents. My lawyer informs me that he needs to ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s approach correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
At what point does exchange of contracts take place for sale conveyancing in Newbridge and am I required to be at the conveyancers branch?
If you are near to one of the conveyancing solicitors in Newbridge you are welcome to come in to sign documents. However, the law practices we recommend supply countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you digitally. The signing of the contract is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the conveyancer to address the formalities at the suitable time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Newbridge)to be in the office at the appropriate time.
My uncle passed away 10 months ago and as sole heir and executor I was left the house in Newbridge. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this allowed?
If you plan to refinance then Coventry BS will insist on your using a conveyancer on the Coventry BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coventry BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coventry BS mortgage is registered as a charge at the Land Registry.
Have just purchased a repossessed house at auction in Newbridge. Conveyancing is necessary. What is next?
Now that you have for all intents and purposes signed on the dotted line you now have to appoint a conveyancing solicitor quickly as you are faced with a tight a drop dead date to complete the transaction. Every auction property should have an associated auction set of papers. This will likely include evidence of title and search results. In the case of leasehold premises the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You should hand this to your appointed conveyancing solicitor ASAP. Do make sure that you have funds organised to complete on the date specified in the contract.
I have a mortgage with Santander for my property in Newbridge. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Santander?
You must advise Santander in advance of renting your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. It should not be necessary to do this via a Santander conveyancing panel lawyer.
The formalities of my purchase has taken place for my property in Newbridge. Conveyancing was a necessary evil but I would like to complain about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I used Stirling Law a few years past for my conveyancing in Newbridge. I now require my papers but cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracking down 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 Newbridge 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.