My husband and I are purchasing a 2 bedroom apartment in Stow on the Wold with a mortgage. We have a Stow on the Wold conveyancer, however the bank says she’s not on their "panel". It appears that we have no choice but to appoint one of the lender panel conveyancing practices or continue with our Stow on the Wold conveyancing practitioner and pay for one of their panel ones to represent them. We consider that this is inequitable; are we not able to insist that the mortgage company use our Stow on the Wold solicitor ?
No, not really. 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. A further alternative is for your Stow on the Wold conveyancing solicitor to apply to be on the conveyancing panel.
Is it necessary during the course of the conveyancing process to attend the offices of the solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Stow on the Wold so that I can attend their offices if required.
Whereas this was necessary 15 years ago, the vast majority mortgage companies no longer need their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to hand over ID documents and there are still distinct advantages to choosing a local solicitor, in your situation a conveyancing solicitor in Stow on the Wold.
My wife and I are purchasing a apartment in Stow on the Wold. I might seem paranoid but how we can trust a solicitor? On the day of competition we have to put funds into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Have just purchased a repossessed house at auction in Stow on the Wold. Conveyancing is required. What is next?
Having exchanged you must choose a conveyancing solicitor as a matter of urgency as you are facing a pending deadline in which to complete the deal. An auction property will ordinarily have a corresponding legal set of papers. This will include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the auction papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You need to pass this on to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that your finances are in place to complete the transaction on the set completion date.
Is it the case that all Stow on the Wold CQS (Conveyancing Quality Scheme) solicitors are on the Nottingham conveyancing panel?
A selection of banks and building societies now utilise the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
The deeds to our home can not be found. The conveyancers who handled the conveyancing in Stow on the Wold 4 years ago have long since closed. What are my next steps?
Assuming the title is registered the information relating to your ownership will be evidenced by HMLR under a Title Number. It is possible to conduct a search at the Land Registry, find your house and order current copies of the property title for a small fee. Where the property is Leasehold then the Land Registry will also normally hold a certified copy of the Registered Lease and again, a copy can be ordered for twenty pounds.
We're first time buyers - agreed a price, yet the property agent told us that the seller will only move forward if we instruct their chosen solicitors as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a local solicitor accustomed to conveyancing in Stow on the Wold
We suspect that the seller is unaware of this request. Should the vendor require ‘a quick sale', taking such a hostile approach to a serious buyer is likely to cause more damage than good. Bypass the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you do not need to sell (d) you wish to move quickly (e)but you are going to instruct your own,trusted Stow on the Wold conveyancing solicitors - rather thanthe ones that will provide the estate agent a referral fee or achieve conveyancing targets demanded by HQ.
Having had my offer accepted I require leasehold conveyancing in Stow on the Wold. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Stow on the Wold - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Stow on the Wold - Examples of Questions you should ask before Purchasing
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How is the lease structured? Who takes responsibility for maintaining and repairing the building? Can you inform me if there are any major works in the near future that will likely increase the maintenance costs?