I am not well enough to travel far from Preston. Is there a reason why all Preston solicitors are not on all lender panels?
Banks point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in banks and building societies removing a number of firms from their panel of approved lawyers .
My partner and I are purchasing a newly constructed apartment in Preston and my lawyer is advising me that she is duty bound to the mortgage company to disclose incentives from the developer. I am nearing the developer’s deadline to exchange and I would rather not prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It is a dozen years since I acquired my home in Preston. Conveyancing solicitors have now been instructed on the sale but I am unable to track down the title deeds. Is this a problem?
You need not be too concerned. Firstly there is a chance that the deeds will be retained by the lender or they may be in the possession of the conveyancers who handled the purchase. Secondly the likelihood is that the title will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring current official copies of the land registers. Nearly all conveyancing in Preston relates to registered property but in the unlikely event that your property is not registered it adds to the complexity but is resolvable.
Is it correct that all Preston CQS (Conveyancing Quality Scheme) solicitors are on the Santander conveyancing panel?
Some major banks and building societies now make use of the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
Can you point me to a directory of Principality panel conveyancers in Preston on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the CML or Building Society Association sites. A small selection of lending institutions make their panel listings open the public over the internet. Where you are seeking to appoint a Preston solicitor on the Principality please make the most of our facility.
I have instructed a Preston property lawyer having made sure that they are on the Yorkshire BS conveyancing panel. Does my lawyer arrange the survey of the property?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Preston postcode. As you are getting a mortgage with Yorkshire BS, you could contact them to see if they have a list of approved surveyors in Preston.
How does conveyancing in Preston differ for new build properties?
Most buyers of new build premises in Preston contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is ready to move into. This is because developers in Preston usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Preston or who has acted in the same development.
I am looking to acquire a repression house in Preston and the bank selling demand completion inside 28 days. Can a solicitor complete in this timeframe? Am I best advised to instruct a high street Preston firm or an online firm that advertises to complete quickly?
Attend your Preston shopping parade. Go in to two or three companies and request to talk to a conveyancing solicitor for an estimate. Discuss your requirements and seek a commitment on deadlines. Select the one that appears most genuine. You need to choose a property lawyer on the panel of solicitors approved by your mortgage company.