I am selling my home in Ladywell and the EA has just text me to say that the buyers are appointing a new solicitor. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Ladywell ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been stiffened 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. Plenty of firms 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. The purchasers are not going to have any sway in the decision.
It is is a decade since I bought my property in Ladywell. Conveyancing solicitors have now been retained on the sale but I am unable to locate my title documents. Is this a major issue?
You need not be too concerned. First there is a chance that the deeds will be kept by your mortgage company or they could be in the possession of the solicitor who oversaw your purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. Nearly all conveyancing in Ladywell relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
Are all Ladywell Conveyancing Quality Solicitors on the Bank of Ireland conveyancing panel?
Some major lenders now utilise CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
I had an offer accepted on a property in Ladywell on 28/4/2022, valuation was booked five days after, all came back fine. Solicitor retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Co-operative and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Co-operative conveyancing panel. Are Co-operative entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
After shopping around on the internet I have found a Ladywell lawyer having made sure that they are on the Coventry BS conveyancing panel. Does my lawyer arrange the survey of the property?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Ladywell surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Will commercial conveyancing searches disclose planned roadworks that could impact a commercial land in Ladywell?
Many commercial conveyancing solicitors in Ladywell will perform a SiteSolutions Highways report as it reduces the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Ladywell. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Ladywell.
For each commercial conveyancing transaction in Ladywell it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Ladywell commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Ladywell.
3 months have gone by since my purchase conveyancing in Ladywell completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
My fiance and I recently found out that one of the partners of the solicitors handling the purchase conveyancing in Ladywell is a relative of the vendor. Is this acceptable?
On the basis that there is no conflict of interest this is permitted. If you are needing mortgage finance then the bank may have a say as many banks have specific requirements on this. For example for Skipton Building Society as of 14/6/2022, the requirements read as follows :