My husband and I are hoping to purchase a 3 bedroom flat in Slough with a mortgage. We have a Slough solicitor, however the mortgage company says he's not on their "panel". It seems we have no option but to select one of the mortgage company panel solicitors or retain our Slough solicitor and pay for one of their panel ones to represent them. We regard this is inequitable; can we not demand that the bank use our Slough lawyer ?
Unfortunately,no. The mortgage offered to you 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 Slough conveyancing lawyer to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Slough? Is this really warranted?
Slough conveyancing solicitors and indeed property lawyers throughout the UK have a duty under money laundering regulations to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).
Confirmation of the origin of monies is also necessary in compliance with the money laundering laws as conveyancers are required to investigate that the money you are using to purchase a property (whether it be the deposit for exchange or the full purchase price if you are a cash purchaser) has originated from an acceptable source (such as employment savings) rather than the fruits of criminal activity.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel lawyer as I would much rather appoint a high street conveyancing solicitor in Slough?
Do check but the the probability is that allocate you one of their panel lawyers if you take up the "fee-free" deal. Speak to the lender and determine if they allow a cash alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Slough.
My bid for a property was accepted at auction in Slough. Conveyancing is required. What happens now?
Having legally bound yourself to purchase you will need to find a conveyancing lawyer as a matter of urgency as you now have a tight a drop dead date to complete the property. Every auction property will have a bespoke legal pack. This will likely include most,if not all of the paperwork that your conveyancer will need. In the case of leasehold property the conveyancing pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You should hand this to the conveyancer working for you at the earliest opportunity. You also need to ensure that that you have the requisite funding in order to complete on the on the contractual date .
I'm the only recipient of my late father’s will and I have everything in my name now, including the house in Slough. The Slough property was put into my name in October. I plan to dispose of the property. I do know about the CML 6 month 'rule', which means that my property ownership could be treated the same way as if I'd bought the property in October. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How practical a view banks take of it, depend on the bank as this requirement primarily exists to pick up on subsales or the flipping of properties.
We had appointed solicitors based in Slough on the Co-operative solicitor approved list. They are now charging me a separate charge for dealing with the Co-operative mortgage. Is this an additional conveyancing fee specified by Co-operative?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your conveyancer is entitled to levy a fee for this. This charge is not dictated by Co-operative but by your Slough property lawyer. Numerous firms on the Co-operative panel will quote an ‘acting for lender’ fee but plenty of firms incorporate it on their overall fee.
I was advised by a few property agents in Slough to choose a solicitor using your seach tool. Is there a financial incentive for Estate Agents to recommend your site over and above another?
We don’t give any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand a fee because a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My brother has encouraged me to appoint his lawyers for conveyancing in Slough. Should I use them?
No doubt the ideal way to select a conveyancing practitioner is to seek recommendations from friends or relatives who have experience in using the solicitor that you are contemplating using.