My wife and I are looking to purchase a home in Richmond and are in fact using a Richmond conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Nationwide Building Society have this evening contacted us to inform me that they have now hit a problem as our Richmond solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also represent 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 Accreditation Scheme. Your solicitor 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Richmond lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
What happens if my solicitor is expelled from the Bank of Ireland Conveyancing panel ahead of completing my conveyancing in Richmond?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Forgive me if this question is silly but I am new to the process as a first time buyer of a two bedroom flat in Richmond. Do I collect the keys to the premises on the completion date from my conveyancer? If this is the case, I will instruct a High Street conveyancing solicitor in Richmond?
On the day of completion you do not need to go to the conveyancers office in Richmond. Your solicitors will transfer the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you will be called to collect the keys from the property Agents and start moving into the property. Usually this happens early afternoon.
Is it the case that all Richmond CQS (Conveyancing Quality Scheme) solicitors are on the Nottingham conveyancing panel?
A selection of banks and building societies now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
I have paid off my mortgage with Lloyds. I assume I don't need a Richmond solicitor on the Lloyds panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
About to purchase a new build apartment in Richmond. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Richmond
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are surveyor prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I decided to have a survey completed on a house in Richmond ahead of appointing lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some lenders will not grant a loan on this type of home.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Richmond. Conveyancing will be smoother if you use a solicitor in Richmond especially if they are familiar with such properties in Richmond.
How do I use your search facility to choose a conveyancing practitioner in Richmond on the authorised to act for my mortgage?
First choose a mortgage company such as Halifax, Skipton Building Society or Clydesdale then type in your preferred area a common one being Richmond. Conveyancing organisations in Richmond and beyond will then be listed.