My Feltham lawyer has discovered a discrepancy when comparing the assumptions in the home valuation report and what is revealed within the conveyancing documents. My solicitor has advised that he is obliged to ensure that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s stance right?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I had intended to instruct a conveyancing solicitor in Feltham for our house purchase. Our broker informed us that our mortgage lenders Chelsea Building Society won't deal with them. Surely this is unfair competition?
A decade ago most lenders had an appetite for risk which was higher than today. Almost all Feltham conveyancing firms would have been on most bank panels. The financial services regulator in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms regarding their operations and their employees and set certain criteria such a completing on a minimum volume of conveyancing. Many Feltham conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Feltham is one of the thousands of locations where the solicitors we list are members of the panel for Chelsea Building Society.
Is it the case that all Feltham solicitor practices on the Leeds Building Society conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel and in such a situation the organisation would be governed by the Council of Licensed Conveyancers.
I was told three weeks ago that my mortgage has been agreed to by Nottingham. Is it usual for Nottingham to only issue the offer once my solicitor in Feltham is approved on their conveyancing panel? Nottingham have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
Kent Reliance have agreed my mortgage in principle, my bid on a apartment in Feltham has been accepted, what happens next?
The property agent will wish to be informed of your conveyancer's details (be sure the solicitors are on the bank’s panel). Call up Kent Reliance or the financial adviser and complete any appropriate paperwork. Kent Reliance will sellect a valuer who will get in touch with the estate agent or seller to book a time for the valuation to happen. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Kent Reliance will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Feltham.
I purchased my house on 5 January and my personal details are still not registered. Should I be concerned? My conveyancing solicitor in Feltham said it will be formalised inside ten days. Are titles in Feltham uniquely lengthy to register?
There is nothing unique about conveyancing in Feltham registration formalities. Rather than based on location, timeframes can differ according to who lodges the application, whether there are errors and if the Land registry communicate with any other persons or bodies. Currently approximately three quarters of submission are fully addressed within 12 days but some can be subject to protracted hold-ups. Registration takes place after the buyer is living at the premises therefore registration formalities is not usually top priority but if it is urgent that the the registration takes place urgently then you or your solicitor should communicate with the Registry to express the reasoning for the application to be prioritised.
My cousin has recommend that I appoint his lawyers for conveyancing in Feltham. Do I take his recommendation?
No doubt the best way to select a conveyancing practitioner is to get feedback from friends or relatives who have used the solicitor that you are are thinking of instructing.
I am in the process of buying my first house in Feltham. Conveyancing lawyer already appointed. The broker pointed out that a survey is not appropriate as the property is only fifteen years old.
As the bare minimum you need a Home Buyer's Report. Given the residence was constructed over a decade ago the property will not come with a warranty, so you don't want to take a risk. For a property that age with no signs of problems a Home Buyer's report may be sufficient. They will highlight any apparent problems and suggest additional investigation if relevant. If there are any signs of problems seek a full structural survey.