My partner and I are hoping to purchase a property in Taunton and have appointed a Taunton conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Britannia have this morning contacted us to inform me that they have now hit a problem as our Taunton solicitor is not on their conveyancing panel. Is this a problem?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also act for the purchaser's lender. 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 bank 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 bank's conveyancing panel as you are at liberty to use your preferred Taunton lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We're in Taunton, First timers buying with a mortgage (lender is Nationwide , and our solicitor is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I'm the sole beneficiary of my late grandmother’s will and I have everything in my name now, including the house in Taunton. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I do know about the CML 6 month 'rule', meaning my proprietorship may be considered the same way as if I'd bought the house in August. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. many mortgage companies would take a sensible view as this requirement principally exists to capture subsales or the flipping of properties.
I have a mortgage with UBS for my property in Taunton. Conveyancing was finalised some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform UBS?
UBS must be informed of your intention in advance of renting your property as this is likely to be a breach of UBS’s mortgage conditions. It may be that UBS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. It should not be necessary to do this via a UBS conveyancing panel lawyer.
I can not work out if my bank requires a lease extension. I have telephoned my Taunton building society branch on numerous occasions and was told it wasn't an issue and they will lend. My Taunton conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend based on their published requirements. I simply don't know who is right.
Provided that the solicitor is on the mortgage company approved list, she or he must comply with the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I decided to have a survey completed on a house in Taunton before instructing solicitors. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some banks tend not give a loan on a flying freehold property.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Taunton. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to instruct a conveyancing practitioner in Taunton for my home move. Is it possible to see a firm’s record with the legal regulator?
One can read presented Solicitor Regulator Association (SRA) determinations resulting from inquisitions from 2008 onwards. Go to Check a solicitor's record. For information Pre 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, call +44 (0)121 329 6800. The SRA could monitor telephone calls for training reasons.
Much to my surprise my conveyancing solicitor in Taunton has informed me that he requires personal identification documents stating that this forms part of his obligations as a solicitor on the mortgage company Conveyancing panel. Am I being spun a yarn?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the mortgage company. This is not specific to conveyancing in Taunton