My partner and I are looking to acquire a flat in Shadwell and are in fact using a Shadwell conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. TSB have this morning contacted us to inform me that they have now hit a problem as our Shadwell solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also represent the purchaser's lender. 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 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Shadwell lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
As I am unsure how the conveyancing process works what is the most important advice you can give me concerning purchase conveyancing in Shadwell?
You may not hear this from too many lawyers but conveyancing in Shadwell and elsewhere in Leeds is an adversarial experience. In other words, when it comes to conveyancing there exists an abundance of opportunity for conflict between you and others involved in the ownership transfer. For example, the seller, estate agent and sometimes a lender. Choosing a solicitor for your conveyancing in Shadwell should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the legal process whose interest is to act in your best interests and to keep you safe.
Sometimes a third party with a vested interest may try and convince you that it is in your interests to do things their way. For instance, the selling agent may claim to be helping by claiming that your conveyancer is wrong. Or your mortgage broker may try to convince you to do something that is contrary to your solicitors recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
My flat in Shadwell is up for sale and I have a buyer. Will the solicitor need to be required to be on the HSBC conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the HSBC conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
A colleague advised me that where I am purchasing in Shadwell I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Shadwell conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Shadwell around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information regarding Shadwell.
How does conveyancing in Shadwell differ for new build properties?
Most buyers of new build or newly converted property in Shadwell contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Shadwell usually buy the site, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Shadwell or who has acted in the same development.
We are 3 weeks into a leasehold purchase having been referred to a firm by the selling agent to carry out the conveyancing in Shadwell. I am am very disappointed with the level of service. Could you help me find new conveyancers?
A solicitor would have to be really poor to suggest replacing them. Has your loan offer been issued? In the event that it has you need to inform them of the new contact details and have the mortgage documents are re-sent. Your new solicitor ideally should be on the mortgage company panel to avoid supplemental expenses and delays. So that should be your starting point. The search tool should assist you in finding a lender approved conveyancer for your home move in Shadwell