Am I correct in assuming that the fact that my conveyancer in Higham Ferrers is not identified on my mortgage company's conveyancing panel that there is a problem with the standard of his conveyancing?
That is most likely a wrong assumption to make. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Higham Ferrers conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
Our conveyancer has discovered a a problem with the lease for the property we are buying in Higham Ferrers. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the bank is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
My wife and I have recently appointed a conveyancing solicitor in Higham Ferrers. I I am struggling to find out if they are accepted on the Barclays Direct approved list of lawyers. Can you assist?
The first thing you should do is contact the lawyer and enquire whether they are on the lender panel. Alternatively you should get in touch with Barclays Direct who may be able to assist.
Various web forums that I have come across warn that are the number one reason for delay in Higham Ferrers house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Higham Ferrers.
How does conveyancing in Higham Ferrers differ for newly converted properties?
Most buyers of new build or newly converted property in Higham Ferrers come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Higham Ferrers tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Higham Ferrers or who has acted in the same development.
How easy is it to use your search facility to locate a conveyancing lawyer in Higham Ferrers on the approved list for my bank?
1st pick a lender such as Halifax, Leeds Building Society or Britannia then specify your preferred area such as Higham Ferrers. Conveyancing organisations in Higham Ferrers and beyond will then be identified.