My fiance and I are looking to purchase a home in Thurmaston and are in fact using a Thurmaston 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 evening contacted us to inform me that they have now hit a problem as our Thurmaston solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers 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 Quality 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Thurmaston solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Is it possible for conveyancing in Thurmaston to be finalised inside two weeks?
In a situation where the seller is applying a tight deadline to complete we would recommend that your lawyer is familiar with the location as they will make use of local contacts and intelligence. It is even conceivable that they may have transacted previousproperties in the same neighbourhood. You would be best advised to use a Thurmaston conveyancing solicitor. Second, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is understood that just under twenty per cent of Thurmaston conveyancing transactions are frustrated or jeopardised after finding out that a purchaser’s lawyer was not on their mortgage lender’s list of approved solicitors. This can often result in the home move being frustrated by an average of three weeks. It is claimed that this issue affects approximately one hundred thousand home moves every year. Almost all Thurmaston conveyancing firms can not act for certain mortgage companies so do check as early as possible.
I am thinking of refinancing my house in Thurmaston, does my lawyer need to be on the Leeds Building Society Solicitor panel?
There is nothing to stop you using your solicitor, but Leeds Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have todaybeen informed that Arc property Solicitors have been shut down. They carried out my conveyancing in Thurmaston for a purchase of a leasehold apartment 9 months ago. How can I be sure that my home is not still registered in the name of the previous owner?
The easiest method to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Thurmaston conveyancing specialists.
Due to the advice of my in-laws I had a survey completed on a house in Thurmaston in advance of appointing lawyers. I have been informed that there is a flying freehold element to the house. My surveyor advised that some mortgage companies will not issue a mortgage on this type of property.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. If you call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Thurmaston. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Thurmaston to see if the conveyancing will be more expensive.
I need to instruct a conveyancing lawyer in Thurmaston for my purchase. Is it possible to review a firm’s record with the profession’s regulator?
Anyone can review presented Solicitor Regulator Association (SRA) decisions resulting from investigations from 2008 onwards. Visit Check a solicitor's record. To find records Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The regulator may recorded telephone calls for training requirements.