Am I correct in assuming that the fact that my conveyancer in Somerset is not listed on my mortgage company's solicitor panel that there is a problem with the standard of his work?
That is more than likely a wrong assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Somerset conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
It is 10 years ago since I acquired my property in Somerset. Conveyancing solicitors have just been appointed on the sale but I can't track down the title deeds. Is this a major issue?
Don’t worry too much. Firstly there is a chance that the deeds will be retained by the lender or they could still be with the conveyancers who acted in your purchase. Secondly in most cases the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining current official copies of the land registers. Most conveyancing in Somerset relates to registered property but in the unlikely event that your property is unregistered it is more tricky but is not insurmountable.
What happens if my lawyer’s firm is suspended from the Yorkshire BS Conveyancing panel ahead of completing my conveyancing in Somerset?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We have a mortgage agreed in principle with Coventry BS. Somerset conveyancing practitioners were appointed. How long does it take for Coventry BS to issue the offer to the solicitor?
Some lenders take longer than others. Have Coventry BS done the survey? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
After shopping around on the internet I have found a Somerset solicitor having checked that they are on the Skipton conveyancing panel. Does my lawyer arrange the survey of the property?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton 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 solicitor 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 Somerset postcode. As you are getting a mortgage with Skipton, you could contact them to see if they have a list of approved surveyors in Somerset.
Our sealed bid on a detached house in Somerset has been accepted, the owners do nevertheless have an associated purchase. The owners have offered on a property, however it’s not been accepted yet, and have viewings of other flats booked. I have chosen a nearby conveyancing solicitor in Somerset. What do I do now? When do I get the mortgage application with Clydesdale started?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx one thousand pounds, then valuation, Somerset conveyancing search fees, etc). First, you should ensure that your lawyer is on the Clydesdale conveyancing panel. Regarding the subsequent phase this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot market many purchasers would apply for a home loan with Clydesdale and arrange for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to proceed with the conveyancing in Somerset.
I'm purchasing my first flat in Somerset with the aid of help to buy. The sellers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not reveal to my solicitor about this deal as it could affect my loan with Skipton Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Am I right to be suspicious by estate agents that I am dealing with are suggesting an online conveyancing firm as opposed to a local Somerset conveyancing firm?
As with lots of service providers, often suggestions from family and friends can be worth their weight in gold. Yet there are lots of people with a keen interest in a conveyancing deal; estate agents, financial adviser and lenders might all suggest lawyers to instruct. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying financial incentive behind the endorsement. You are at liberty to appoint your preferred conveyancer. You need to be aware that some lenders specify a panel list of lawyers you have to use for the lender aspect of your transaction.