My wife and I are planning to buy a flat in Paddington and have appointed a Paddington conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. TSB have this evening contacted us to advise us that there is now an issue as our Paddington solicitor is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Paddington lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
It is a dozen years since I purchased my home in Paddington. Conveyancing solicitors have recently been appointed on the sale but I can't track down my deeds. Will this jeopardise the sale?
You need not be too concerned. First the deeds may be retained by the lender or they could stored with the lawyers who handled your purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. Nearly all conveyancing in Paddington relates to registered property but in the unlikely event that your property is unregistered it is more problematic but is resolvable.
I am buying a new build flat in Paddington. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Paddington you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Paddington.
I have been told that property searches are the main cause of stalling in Paddington conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Paddington.
Should I be wary by estate agents that I am dealing with are recommending a national conveyancing firm rather than a High Street Paddington conveyancing firm?
As is the case with many service providers, often suggestions from family and friends can be extremely useful or valuable. But there are lots of players in a conveyancing deal; estate agents, financial adviser and banks might all recommend lawyers to select. On occasion these lawyers might be known to one of the organisations as being good in their field, but sometimes there may be a financial incentive behind the recommendation. You have the discretion to appoint your preferred lawyer. Don't forget that most mortgage providers have an approved list of lawyers you are obliged to use for the mortgage related work in your house move.
I need to appoint a conveyancing solicitor for residential conveyancing in Paddington. I have discover a web site which appears to be the ideal answer If there is a chance to get all the legals done via phone that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?