I am one month into the sale of my maisonette in Falconwood and the EA has just called to warn that the purchasers are swapping property lawyer. I am told that this is due to the fact that the lender will only deal with solicitors on their approved list. On what basis would a leading lender only work with certain law firms rather the firm that they want to appoint to handle their conveyancing in Falconwood ?
Mortgage companies have always had panels of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Banks blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
My wife and I have recently appointed a conveyancing solicitor in Falconwood. I need to find out whether they are accepted on the Bank of Ireland approved list of lawyers. Could you advise?
You should phone your conveyancer and enquire if they are on the lender panel. Alternatively you can call Bank of Ireland who may be able to help.
Is it correct that all Falconwood CQS (Conveyancing Quality Scheme) solicitors are on the TSB conveyancing list of approved firms?
Some major banks and building societies now make use of the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I had a mortgage agreed in principle with RBS. Falconwood conveyancing solicitors are appointed. What is the average time that one could expect to receive a mortgage offer from RBS?
There is no definitive answer here. Have RBS done the survey? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Falconwood building society branch on a couple of occasions and was reassured it wasn't a problem and they will lend. My Falconwood conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your conveyancing practitioner must follow the Council of Mortgage Lenders’ Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I used Stirling Law a few years ago for my conveyancing in Falconwood. I now require my papers however the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Falconwood of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Due to the guidance of my in-laws I had a survey completed on a property in Falconwood before retaining lawyers. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some banks may refuse to issue a mortgage on such a property.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Falconwood. Conveyancing may be slightly more expensive based on your lender's requirements.
In my capacity as executor for the will of my aunt I am disposing of a house in Monmouth but I am based in Falconwood. My solicitor (who is 300 miles awayneeds me to execute a statutory declaration ahead of completion. Could you suggest a conveyancing practitioner in Falconwood to witness this legal document for me?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are Falconwood based