We are buying a 3 bedroom apartment in Shadwell with a mortgage. We like our Shadwell conveyancer, but the mortgage company advise she’s not on their "panel". It appears that we have no option but to appoint one of the mortgage company panel solicitors or keep our Shadwell property lawyer as well as pay for one of their panel firms to represent them. This feels very unfair; are we not able to demand that the lender use our Shadwell lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Shadwell conveyancing lawyer to apply to be on the conveyancing panel.
The Shadwell conveyancing solicitors that I appointed last week on my purchase in Shadwell have suddenly shut down. I chose them because I needed a solicitor on the Barclays conveyancing panel and my previous Shadwell lawyer was not. I cut them a cheque for two hundred pounds in advance. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
How can we tell if a Shadwell conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in Shadwell 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 lawyer carrying out your conveyancing.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Shadwell bank branch on numerous occasions and was reassured it wasn't a problem and they would lend. My Shadwell conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your solicitor must comply with the CML Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Intending to buy a apartment in Shadwell. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nationwide conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Shadwell lawyer is on the Nationwide conveyancing panel.
How does conveyancing in Shadwell differ for newly converted properties?
Most buyers of new build or newly converted property in Shadwell contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because new home sellers in Shadwell typically buy the real estate, 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 conveyancers 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 Shadwell or who has acted in the same development.
What tools are available to identify a Shadwell solicitor on the Norwich and Peterborough Building Society conveyancing panel? I have a car and am prepared to travel upto 25miles to meet the conveyancer.
Feel free to make use of the search on this website. Please choose the mortgage company and your location and you will see a number of Shadwell conveyancing lawyers locally. We have listed some Shadwell conveyancing firms towards the end of this page and you can contact them to verify whether they are on the Norwich and Peterborough Building Society panel
I am 17 days into a leasehold purchase having been recommend to solicitors by the local agent to do our conveyancing in Shadwell. We are not happy. Could you you assist me in finding new solicitors?
A conveyancer would need to be really bad in order to consider replacing them. Has the loan offer been sent? If so you will need to advise them of the new contact details and ensure the mortgage documents are re-sent. Your solicitor ideally should be on the lenders panel to avoid escalating charges and frustration. That should be your starting point. The find a solicitor tool will help you find a bank approved lawyer for your home move in Shadwell