My husband and I are planning to buy a flat in Stonehouse and are in fact using a Stonehouse conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Barclays Direct have this morning contacted us to advise us that there is now an issue as our Stonehouse lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the mortgage company. 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 property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Stonehouse solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our conveyancer has identified a a problem with the lease for the apartment we are purchasing in Stonehouse. The other side have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer says that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My uncle pointed out to me me that in purchasing a property in Stonehouse there may be a number of restrictions affecting the ability to carry out external changes to a property. Is this right?
We are aware of a number of properties in Stonehouse which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Stonehouse should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to lenders such as UBS, do Stonehouse conveyancing practitioners face a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We have agreed to purchase a house in Stonehouse. A rare aspect is that the roof has a solar panel. Principality have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Principality your lawyer must follow the conveyancing instructions contained in Section two of UK Finance Lenders’ Handbook for Principality. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Principality where a lease fails to satisfy these requirements. The conditions relate to the installation of panels on properties nationwide and is not restricted to Stonehouse.
Taking into account that I will soon spend hundreds of thousands of pounds on 3 bedroom house in Stonehouse I wish to talk to a solicitor concerning thetransaction before giving the go ahead to the firm. Is this something that you can arrange?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you first talking to the conveyancer due to be carrying out your property ownership legalities in Stonehouse.There is no ‘factory style conveyancing’ - every client is unique person, not a file number. The solicitors that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Stonehouse should be the figure that you end up paying.
As co-executor for the will of my father I am disposing of a residence in Cardiff but I am based in Stonehouse. My conveyancer (approximately 235 miles from merequires that I sign a statutory declaration prior to completion. Could you suggest a conveyancing practitioner in Stonehouse to attest this legal document for me?
Technically speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are Stonehouse based
Whilst your website is a good idea there are many lawyers listed near Stonehouse being on the lender conveyancing panel. Can you recommend a specific firm on the conveyancing panel for our bank?
We are not in the business of recommending one firm above another as the right Stonehouse conveyancing solicitor for you depends on where your priorities lie. For example you may require a local firm with Stonehouse knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..