My partner and I are planning to buy a house in Reigate and have appointed a Reigate conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Nottingham Building Society have this morning contacted us to advise us that there is now an issue as our Reigate conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also act for the mortgage company. 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 Quality Scheme. Your solicitor should contact your lender 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 lender’s conveyancing panel as you are at liberty to use your preferred Reigate lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Due to complete my purchase in Reigate next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the lender expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These requirements are not limited to conveyancing in Reigate.
My bank has recommended a law firm on their panel based in Reigate but I would rather choose a conveyancing lawyer in Reigate local to me. Are you able to assist?
Far from all Reigate conveyancing practitioners are on all banks conveyancing panel. Use our find an approved solicitor tool to locate a Reigate conveyancing solicitor on the on the lender panel.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Reigate?
Two types of professional can perform conveyancing in Reigate namely licenced conveyancers or solicitors. Both professionals provide conveyancing services that required to complete the disposal or purchase of property. Both are required to execute Reigate conveyancing to the same quality and guidelines so you may be safe in the knowledge that your conveyancing will be professionally carried out and that the necessary steps should be suitably adhered to.
How can we tell if a Reigate conveyancing solicitor on the HSBC panel is any good?
When it comes to conveyancing in Reigate getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor carrying out your conveyancing.
I was told two weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Reigate is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Reigate is where the house is located. Can you shed any light on this issue?
Flying freeholds in Reigate are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Reigate you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Reigate may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Am I right to be suspicious about brokers that I am dealing with are suggesting an online conveyancing firm rather than a local Reigate conveyancing practice?
As with lots of professional services, often referrals from relatives can be worth their weight in gold. Nevertheless there are lots of parties with a keen interest in a conveyancing matter; estate agents, financial adviser and lenders might all recommend solicitors to appoint. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there exists a commercial relationship behind the recommendation. You are at liberty to choose your preferred conveyancer. Don't forget that most mortgage providers operate an approved list of lawyers you are obliged to use for the mortgage aspect of your conveyancing.