My wife and I are looking to acquire a property in Wisbech and have appointed a Wisbech conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Bank of Ireland have this morning contacted us to advise us that they have now hit a problem as our Wisbech conveyancer is not on their approved list of lawyers. Please explain?
If you are buying a property needing a mortgage it is standard 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 Quality Scheme. Your solicitor 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Wisbech solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I had intended to instruct a property lawyer in Wisbech for our home move. Our broker informed us that our mortgage lenders Yorkshire Building Society won't deal with them. Surely this is unfair competition?
Before the recession most lenders had a different appetite for risk. Almost all Wisbech conveyancing firms would have been on most bank panels. The financial services regulator in 2010 completed a thematic investigation into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms about their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum amount of transactions. Many Wisbech conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Wisbech is amongst the hundreds of areas where the solicitors we recommend are are approved Yorkshire Building Society.
We are buying a 4 bedroom semi-detached house in Wisbech. We would like to an extension at the rear at the house.Will legal investigations on the property include enquiries to see if these alterations are permitted?
Your property lawyer should review the deeds as conveyancing in Wisbech can on occasion reveal restrictions in the title deeds which restrict categories of works or need the consent of another owner. Some additions call for local authority planning consent and approval in compliance with building regulations. Many locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these issues with a surveyor prior to committing yourself to a purchase.
Two weeks ago we had a mortgage agreed in principle with Principality. Wisbech conveyancing lawyers were instructed. What is the average time that one could expect to receive a mortgage offer from Principality?
There is no definitive answer here. Have Principality done the valuation? Have you advised Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Wisbech solicitor - who is on the Bank of Ireland conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Wisbech postcode. As you are getting a mortgage with Bank of Ireland, you could contact them to see if they have a list of approved surveyors in Wisbech.
I note that there are debates on Chancel Insurance on online forums. Do I require this when purchasing a property in Wisbech? or I am told that there is an ancient law that could mean that homeowners living in a parish church boundary may be liable to contribute towards repairs towards the chancel within the church. Is this suitable for conveyancing in Wisbech?
Unless a previous purchase of the premises completed after 12 October 2013 you could expect solicitors handling conveyancing in Wisbech to continue to advocate a chancel search and or insurance against a claim.
My cousin has recommend that I appoint his conveyancing solicitors in Wisbech. Should I find my own property lawyer?
There are no two ways about it the ideal way to select a conveyancing practitioner is to get recommendations from friends or family who have used the firm that you are contemplating using.
Our conveyancing solicitor in Wisbech has informed me that he requires identification documents stating that this forms part of his requirements as a solicitor on the lender Conveyancing panel. Am I being spun a yarn?
Anti-terror and anti-money-laundering rules require Wisbech conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the mortgage company also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the bank's UK Finance Lenders’ Handbook requirements