My partner and I are looking to buy a house in Teddington and have appointed a Teddington conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. HSBC Bank have this morning contacted us to advise us that there is now an issue as our Teddington conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also act for 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 Accreditation Scheme. Your property lawyer should contact your mortgage company 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Teddington lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
When will exchange of contracts happen for purchase conveyancing in Teddington and do I need to be at the lawyers office?
If you are round the corner to one of the conveyancing solicitors in Teddington you are welcome to attend to sign documents. However, the law practices we work with supply countrywide coverage for conveyancing and give just as comprehensive and professional a job for you when communicating with you by post or email. The signing of the contract is not the point of no return. A signed contract simply enables the firm to address the formalities at the appropriate time, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Teddington)to be in the office available at the end of the phone to exchange contracts.
Are all Teddington Conveyancing Quality Solicitors on the Kent Reliance conveyancing panel?
It is true that some lenders now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
How can we know in advance if a Teddington conveyancing solicitor on the Clydesdale panel is any good?
When it comes to conveyancing in Teddington getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer conducting your conveyancing.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Teddington bank branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Teddington conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend based on their published requirements. I simply don't know who is right.
As long as the conveyancing practitioner is on the bank panel, they must comply with the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 need some fast conveyancing in Teddington as I am under a deadline to complete within 2 weeks. Luckily I do not need a mortgage. Can I decline from having conveyancing searches to save money and time?
As you are are a mortgage free buyer you are at free not to do searches although no lawyer would advise that you don't. Drawing on our experience of conveyancing in Teddington the following are examples of issues that can be revealed and adversely impact future mortgageability: Enforcement Notices, Outstanding Fees, Outstanding Grants, Railway Schemes,...
I need to appoint a conveyancing solicitor for my conveyancing in Teddington. I have stumble across a web site which looks to be the perfect solution If it is possible to get all this stuff completed via web that would be ideal. Should I be concerned? 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?
My fiance and I are purchasing a three room maisonettein Teddington with a residential mortgage from a bank. We have a solicitor in Teddington yet our mortgage company inform us now that he's not listed on their "panel". We have to appoint from the our mortgage company panel solicitors or stay with our Teddington conveyancer and incur the extra costs for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The bank mortgage offered to you is subject to conditions, one of which will be that lawyers will on the lender's conveyancing panel. Until recently, most lenders had open panels, including most conveyancing solicitors in Teddington : 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 solicitors to apply to be on the conveyancing panel for your mortgage company.