I am not in a position to travel far from Risca. What is the rationale as to why all Risca conveyancers are not on all lender panels?
A decade ago most banks displayed an approach to risk which differs from the current day. The FSA in 2010 carried out a thematic review into mortgage fraud which concluded: know the lawyers on your panel. Consequently, mortgage companies have subsequently requiredmore information from law firms concerning their operations and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Thousands of firms have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the minimum amount of transactions the lenders set.
Our Risca lawyer has discovered a difference between the assumptions in the home valuation survey and what is in the conveyancing documents. My lawyer informs me that he needs to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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.
Do banks and building societies provide you with an approved list of Risca conveyancing solicitors? How do you know who is on the Nationwide conveyancing panel?
Risca conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
I have been recommended a conveyancing solicitor in Risca. I I would like to check whether they are accepted on the Bank of Scotland approved list of lawyers. Could you advise?
You should call your lawyer and enquire if they are on the lender panel. Alternatively you can call Bank of Scotland who may be able to confirm.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Risca I like with a park and transport links in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Risca suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
My fiance and I have just had an offer agreed on a apartment and had an appointment on Tuesday with HSBC for the mortgage. They have informed us that when it comes to selecting a conveyancer that unless they are on their approved list of solicitors then we will be subject to an an additional charge of £200. This is because they will then have to instruct a solicitor to act for them as well as the one we appoint on our behalf and we are liable for their fees. I have asked HSBC to provide me with a list so I can seek quotes only from their approved conveyancers but was told they dont have such a list to hand over. What would be the best way of going about this?
Ask HSBC what their panel criteria is for a solicitor.Thereafter ask the conveyancing practitioner of your choice whether they fit that criteria and have they acted on mortgages for HSBC historically. If the answer to those is yes, then just clarify this with HSBC. Alternatively please utilise our search facility and we should be able to locate a property lawyer in Risca on the approved list for HSBC.