My husband and I are looking to purchase a house in Wragby and have appointed a Wragby conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Norwich and Peterborough Building Society have this evening contacted us to advise us that there is now an issue as our Wragby solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors to also represent 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 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Wragby lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
My partner and I are acquiring our first house. The property lawyer has calledto ask if we want to take out additional conveyancing searches. Unfortunately we have no idea as to what's relevant for conveyancing in Wragby
The range of Wragby conveyancing searches should be triggered based entirely on the premises, the location, the likelihood of any of these risks, your familiarity of the locality and risks, your overall appetite to risk. What matters is that you adequately comprehend what information each search could provide. Then you can make a decision if you consider that you need that search. If unsure, ask your conveyancing practitioner to provide guidance.
What does my ID and proof of funds have anything to do with my conveyancing in Wragby? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Wragby conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill evidencing where you reside.
Under Money Laundering Regulations, property lawyers are duty bound to validate not only the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this will lead to your conveyancer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
It has been four months following my purchase conveyancing in Wragby concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How do I identify a Wragby solicitor on the TSB conveyancing panel? I have wheels and am prepared to travel upto 10miles to meet the lawyer.
Feel free to make use of the facility on this website. Please select a bank and your location and you will see a number of Wragby conveyancing lawyers located nearest you. We have listed some Wragby conveyancing firms at the bottom of this page and you can contact them to verify whether they are on the TSB member panel
How easy is it to change a solicitor as I need to find a Wragby based conveyancer who is on the bank conveyancing panel. Is it practical to instruct different lawyers?
If you haven't yet appointed a solicitor to commence the conveyancing and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Wragby that you're thinking of instructing.