I am selling my house in Stoke Sub Hamdon and the estate agent has just e-mailed to advise that the buyers are switching solicitor. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only deal with specific solicitors rather the firm that they want to select for their conveyancing in Stoke Sub Hamdon ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies justify this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
Due to move into my new home in Stoke Sub Hamdon next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the bank expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not unique to conveyancing in Stoke Sub Hamdon.
We are due to move house in October. Does my conveyancing solicitor call the removal company on the day of completion. Incidentally, can you recommend a removal company in Stoke Sub Hamdon. Conveyancing lawyer was chosen prior to coming across this page.
On the day of completion you will need to pick up the house keys from the estate agent but this can only be done once the vendors lawyers inform the agent that they have the completion monies and the keys can be passed over. Subsequently you can inform the removal men that you are ready to move in. We do not recommend a particular removal organisation but can help you locate a residential property solicitor in Stoke Sub Hamdon or a lawyer that specialises in conveyancing in Stoke Sub Hamdon.
Is it the case that all Stoke Sub Hamdon solicitor practices on the Leeds Building Society conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. The majority of banks do permit licenced conveyancers on their panel in which case such practice would be governed by the CLC.
We were going to get a AIP from Co-operative this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Co-operative recommend any Stoke Sub Hamdon solicitors on the Co-operative conveyancing panel, or is it better to go independently?
You will need to appoint Stoke Sub Hamdon solicitors independently although you'll need to choose one on the Co-operative conveyancing panel. The solicitor represents both you and Co-operative through the process.
4 months have elapsed following my purchase conveyancing in Stoke Sub Hamdon took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Stoke Sub Hamdon. I have discover a site which looks to be the ideal offering If there is a chance to get all formalities done via web that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I have recently placed an offer on an apartment in Stoke Sub Hamdon and the estate agent that we are dealing with recommended his property lawyer. She quoted £800 excluding VAT and disbursements. Does this sound expensive?
You should not rely on a single quote. You should seek like-for-like quotes for your conveyancing in Stoke Sub Hamdon. Then choose one that you trust and just as important, is on the approved list of the mortgage company that you are sourcing your mortgage from.