Am I correct in assuming that the fact that my conveyancer in Stone is not on my lender's solicitor panel that there is a problem with the quality of his work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Stone conveyancing firm and enquire why they are no longer on the approved list for your lender.
My wife and I are nearing an exchange on a property in Stone and my mum and dad have transferred the exchange deposit to my conveyancing practitioner. I am now told that as the deposit has not come from me my conveyancer needs to disclose this to my mortgage company. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancer is obliged to check with lender to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
How does conveyancing in Stone differ for newly converted properties?
Most buyers of new build premises in Stone come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Stone typically acquire 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 Stone or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, no chain conveyancing. Stone is the location of the property. Can you shed any light on this issue?
Flying freeholds in Stone are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stone you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stone may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
What tools are available to search for a Stone solicitor on the Chelsea Building Society conveyancing panel? I have a car and am happy to travel upto 20miles to meet the lawyer.
You can use the tool on this page. Please pick a mortgage company and your location and you will see a number of Stone conveyancing lawyers located nearest you. We have listed some Stone conveyancing firms towards the end of this page and you can call them to see whether they are on the Chelsea Building Society panel
My father has recommend that I use his lawyers for conveyancing in Stone. Do I take his recommendation?
No doubt the best way to select a conveyancing solicitor is to get referrals from friends or family who have actually used the conveyancer you're contemplating using.