I am nearing exchange of contracts for my flat in Longton and the estate agent has just telephoned to warn that the purchasers are swapping conveyancer. The reason given is that the mortgage company will only deal with property lawyers on their approved list. Why would a big named lender only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Longton ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
My husband and I are purchasing a newly built flat in Longton and my solicitor is advising me that she is duty bound to the mortgage company to reveal incentives from the builder. The Estate Agents are hassling me to sign contracts and my preference is not to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My wife and I are buying a flat in Longton. I might seem paranoid but how we can trust a conveyancer? At some point we will need to send money into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am helping my sister sell her flat in Longton. Does the solicitor arrange the energy assessment or should I organise this?
Following the demise of Home Information Packs, energy assessments was kept a compulsory element of selling a property. An energy performance certificate should be to hand prior to the property being marketed. This is not as aspect of the sale process that conveyancers ordinarily organise. If you are using a Longton conveyancing lawyer they may be willing to arrange energy assessments due to their contacts with reputable local accredited person
After months of negotiation I have agreed a price on an apartment in Longton. My financial adviser suggested a property lawyer. I paid an upfront payment of £175. A couple of days later, the conveyancing practitioner called me embarrassingly acknowledging that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
What does a local search inform me concerning the house my wife and I purchasing in Longton?
Longton conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search is essential in every Longton conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your new home. The search will provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
Are there restrictive covenants that are commonly identified as part of conveyancing in Longton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Longton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing a bungalow in Longton. I have found my conveyancer's company on the Law Society's list, but I can't locate my conveyancer's name as listed on the regulator's website. Is this a big problem?
Not every individual in the company must be listed by the regulator. Provided there is someone qualified to 'oversee' the transaction, the actual day-to-day activity can be conducted by unlicensed staff.