I am progressing with the sale of my flat in Harrow and the EA has just telephoned to warn that the purchasers are appointing a new law firm. The excuse is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only engage with specific law firms rather the firm that they want to choose for their conveyancing in Harrow ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. The buyers are not going to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in Harrow? What am I being asked for?
Harrow conveyancing solicitors and indeed property lawyers accross the UK have a duty under Anti-terror and anti-money-laundering rules to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).
Confirmation of source of funds is also necessary under the money laundering laws as solicitors are duty bound to investigate that the money you are utilising to buy a property (whether it be the deposit for exchange or the full purchase monies if you are a cash purchaser) has originated from legitimate source (such as employment savings) rather than the fruits of illegitimate activity.
My bank has recommended a law firm on their panel based in Harrow but I would rather instruct a conveyancing lawyer in Harrow or nearer to where I live. Can you help?
Far from all Harrow conveyancing firms are on all banks conveyancing panel. Please make use of our search tool to locate a Harrow conveyancing solicitor on the on the lender panel.
This question may be naive but I am unexperienced as FTB of a garden flat in Harrow. Do I receive the keys to the house on the completion date from my conveyancer? If so, I will appoint a local conveyancing solicitor in Harrow?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s lawyers, and once they have received this, you should be called to pick up the keys from the Estate Agents and start moving into the property. Usually this happens between 1 and 3pm.
Two weeks ago we had a mortgage agreed in principle with Bank of Ireland. Harrow conveyancing solicitors are selected. How long does it take for Bank of Ireland to issue the offer to the lawyer?
There is no definitive answer here. Have Bank of Ireland done the survey? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
After months of negotiation I have agreed a price on an apartment in Harrow. My mortgage broker recommended their conveyancers. I paid an on account payment of £150. A few days later, the solicitor contacted me to say that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
A relative recommended that if I am buying in Harrow I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Harrow conveyancing searches. It is a large report of more than thirty pages, listing and setting out significant information about Harrow around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Harrow Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data about Harrow.
Is it the case that all Harrow property lawyers on every bank conveyancing panel?
You can use our search tool or you can go into your high street bank branch in Harrow. Chances are that they will know some good conveyancing solicitors in Harrow