I am six weeks into the sale of my apartment in Forest Hall and the EA has just telephoned to warn that the purchasers are appointing a new property lawyer. The reason given is that the lender will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Forest Hall ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders justify this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. 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. 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. The buyers are unlikely to have any sway in the decision.
My apartment in Forest Hall is up for sale and I have a buyer. Will my conveyancing practitioner have to be on the RBS conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently in recent years.
Have completed on a a terraced house in Forest Hall , What is the estimated time for the Land Registry to deal with the formalities evidencing my ownership? My Forest Hall conveyancing solicitor has been very slow, so I want to be sure the land registry aspects are concluded.
There is nothing unique when it comes to conveyancing in Forest Hall registration formalities. Rather than based on location, timeframes can adjust according to the party submitting the application, whether it is in order and whether the Land registry communicate with any third persons or bodies. As of today roughly three quarters of submission are fully dealt with within 12 days but occasionally there can be protracted delays. Registration occurs after the new owner has moved in to the property thus post completion formalities is not usually primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer could contact the land registry and explain the circumstances.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Forest Hall is where the house is located. Is there any guidance you can give?
Flying freeholds in Forest Hall are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Forest Hall you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Forest Hall may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
What tools are available to search for a Forest Hall law firm on the Coventry Building Society conveyancing panel? I have a car and am happy to travel upto 10miles to meet the conveyancer.
You can use the facility on this website. Please choose the bank and your location and you will see a number of Forest Hall conveyancing lawyers based on proximity. We have listed some Forest Hall conveyancing firms towards the end of this page and you can contact them to verify whether they are on the Coventry Building Society approved list
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the mortgage company solicitor panel.