Is the fact that my solicitor in Redcar and Cleveland is not identified on my mortgage company's conveyancing panel that there is a problem with the standard of her conveyancing?
That is more than likely a wrong assumption to make. There are plenty of plausible explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Redcar and Cleveland conveyancing firm and ask them why they are no longer on the approved list for your lender.
We are buying a newly built apartment in Redcar and Cleveland and my solicitor is advising me that she has to the bank to reveal incentives from the developer. The Estate Agents are hassling me to exchange and I would rather not prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company 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.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Redcar and Cleveland. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this possible?
If you plan to refinance then Co-operative will require that you use a conveyancer on the Co-operative 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 Co-operative 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 Co-operative mortgage is registered as a charge at the Land Registry.
We had instructed conveyancing lawyers based in Redcar and Cleveland on the Santander solicitor approved list. They have just invoiced me a supplemental sum for the legal aspects of the Santander mortgage. Is this a supplemental conveyancing fee set by Santander?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your property lawyer may levy a fee for this. The fee is not dictated by Santander but by your Redcar and Cleveland lawyer. Some firms on the Santander panel will charge an ‘acting for lender’ fee and others do not.
My partner and I have organised the release of further monies on our home loan from HSBC as we wish to carry out improvements to our house in Redcar and Cleveland. Do we need to appoint a local Redcar and Cleveland solicitor on the HSBC conveyancing panel to handle the legals?
HSBC do not ordinarily require a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC conveyancing panel.
I was told two weeks ago that my mortgage has been agreed to by HSBC. Is it usual for HSBC to only issue the offer once my solicitor in Redcar and Cleveland is approved on their conveyancing panel? HSBC have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyer's application to be on the HSBC conveyancing panel. There's no guarantee that your solicitor will be accepted.
I purchased a 4 bedroom Edwardian property in Redcar and Cleveland. Conveyancing practitioner represented me and Godiva Mortgages Ltd. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Redcar and Cleveland and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with your conveyancing lawyer who conducted the purchase.
Our conveyancer in Redcar and Cleveland has uncovered a a problem with the lease for the apartment we are buying in Redcar and Cleveland. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that as he is on the mortgage company conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.