I am 4 weeks into the sale of my apartment in Harmondsworth and the estate agent has just e-mailed to say that the purchasers are switching property lawyer. The excuse is that the lender will only work with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Harmondsworth ?
Banks have always had panels of law firms that can act for them, but in the last 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 15 years.
Lenders blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some 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 unlikely to have any sway in the decision.
The property market in Harmondsworth is heating up. What can I do to accelerate the conveyancing process?
Where you are under a tight deadline to complete it is highly recommended that your solicitor is familiar with the location as they will make use of local relationships and insight. It is even conceivable that they could have handled previousproperties in the same street. You would be best advised to use a Harmondsworth conveyancing firm. In addition, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is understood that nearly one in five of Harmondsworth conveyancing deals are suspended or derailed after discovering a buyer’s solicitor was not on their banks member panel. This can often result in the conveyancing being frustrated by an average of three weeks. It is claimed that this issue impacts approximately one hundred thousand home moves every year. Most Harmondsworth conveyancing firms can not represent certain mortgage companies so do check at the outset.
In what way does my ID and proof of funds have anything to do with my conveyancing in Harmondsworth? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Harmondsworth. Nowadays you can not complete any conveyancing deal if you have not handing over evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a bank statement. Remember if you are providing your driving licence as evidence of identification it must be both the paper element as well as the photo card part, one is not satisfactory without the other.
Verification of the origin of monies is mandated under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancer will need to have this information on file. Your Harmondsworth conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any funds from you into their client account and they will also ask further questions concerning the origin of monies.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Harmondsworth?
There are many registered licenced Conveyancers in Harmondsworth and Solicitor practices in Harmondsworth offering conveyancing We would stress that both are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. Both can conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
We were going to get a OIP from Barclays this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Barclays recommend any Harmondsworth solicitors on the Barclays conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Harmondsworth solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
I am selling my apartment. I had a double glazing fitted in September 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Co-operative are being problematic. The Harmondsworth solicitor who is on the Co-operative conveyancing panel is recommending indemnity insurance as a solution but Co-operative are insisting on a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I need to instruct a conveyancing solicitor in Harmondsworth for my sale. Can I see a firm’s record with the legal regulator?
One may find published Solicitor Regulator Association (SRA) determinations arising from inquisitions from 2008 onwards. Go to Check a solicitor's record. For records Pre 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The SRA could monitor call for training reasons.
I dont have enough spare money to pay a 10% deposit on my house purchase in Harmondsworth , but I still want to proceed. What can I do?
You can accept a lower deposit. Most sellers will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second