I am not well enough to travel far from Honor Oak. Is there a reason why all Honor Oak property lawyers aren't included on all mortgage company panels?
Before the recession most lenders had an attitude to risk which differs from the current day. The financial regulator in 2010 conducted a thematic review into fraud which concluded: know the lawyers on your panel. As a result, mortgage companies have subsequently soughtmore information from law firms regarding their operations and the staff employed by them and set certain criteria such as completing a minimum amount of transactions. Thousands of firms have found themselves removed from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the minimum amount of transactions the lenders required.
My wife and I are about to exchange buying a property in Honor Oak but as a result of damage from some water damage at the property I have was able negotiate reparation from the seller in the sum of £2k by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process however HSBC will not agree to this. Why were they informed?
The lawyer being on the HSBC conveyancing panel is obliged to advise HSBC of any variations to the purchase price. If you were to refuse your lawyer to notify the reduction to HSBC then they would have to discontinue acting for you. In addition, HSBC and you would have to appoint a new lawyer for your conveyancing in Honor Oak.
We are looking to buy a flat and need a conveyancing solicitor in Honor Oak who is on the Aldermore conveyancing panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Aldermore . We don't recommend any particular firms conducting conveyancing in Honor Oak.
I am in the process of mortgaging my house in Honor Oak, does my lawyer have to be on the Barclays Conveyancing panel?
In theory, you could use a solicitor that is not on the Barclays conveyancing panel, but Barclays would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Is it correct that all Honor Oak CQS (Conveyancing Quality Scheme) solicitors are on the Yorkshire BS conveyancing list of approved firms?
It is true that some lenders now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
I had a mortgage agreed in principle with Coventry BS. Honor Oak conveyancing lawyers have been appointed. How long does it take for Coventry BS to forward the offer to the conveyancer?
Some lenders take longer than others. Have Coventry BS done the survey? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We expect to receive a OIP from Lloyds 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 Lloyds recommend any Honor Oak solicitors on the Lloyds conveyancing panel, or is it better to go independently?
You will need to appoint Honor Oak solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
What will a local search inform me about the house my wife and I purchasing in Honor Oak?
Honor Oak conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations for instance Xpress Legal The local search plays a central part in many a Honor Oak conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your new home. The search should supply information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.