I am 4 weeks into the sale of my maisonette in Tilbury and the estate agent has just text me to advise that the purchasers are changing their property lawyer. The reason given is that the bank will only engage with solicitors on their conveyancing panel. Why would a big named lender only engage with specific lawyers rather the firm that they want to appoint for their conveyancing in Tilbury ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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. Your buyers are not going to have any impact on this.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Clydesdale Conveyancing panel ahead of completing my conveyancing in Tilbury?
The first thing to point out is that, this is a very rare occurrence. 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.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Tilbury?
Two types of professional can perform conveyancing in Tilbury namely CLC regulated conveyancers or solicitors. Both professionals provide the legal services that you need to complete the disposal or acquisition of property. They are both obliged to perform Tilbury conveyancing on similar quality and guidelines so you may be sure that your conveyancing will be properly conducted and that all requirements and procedures will be suitably followed.
I just bought a flat at auction in Tilbury. Conveyancing is required. What happens now?
Now that you are to all intents and purposes signed on the dotted line you must choose a conveyancing lawyer soon as you are facing a fast approaching a fixed date to complete the purchase. An auction property will have a corresponding auction pack. This will likely include evidence of title and search results. If you have purchased leasehold property the auction pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You should hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that you have funds in order to complete the transaction on the set completion date.
I have paid off my mortgage with Nottingham. I assume I don't need a Tilbury solicitor on the Nottingham panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
I'm purchasing my first flat in Tilbury with a loan from TSB. The builders refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not inform my conveyancer about the extras as it would adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the guidance of my in-laws I had a survey completed on a property in Tilbury before retaining solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies will not grant a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Tilbury. Conveyancing may be slightly more expensive based on your lender's requirements.
Are there any apps to help search for a Tilbury conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to 25miles to attend the solicitor.
You can use the find a conveyancing panel tool on this website. Please choose the lender and your location, in this case Tilbury and you will see a number of lawyer located nearest Tilbury. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.