I am in the process of selling my flat in Madeley and the EA has just called to warn that the purchasers are appointing a new conveyancer. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only engage with specific solicitors rather the firm that they want to choose for their conveyancing in Madeley ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms 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 unlikely to have any sway in the decision.
Can your site be used to recommend a Conveyancing solicitor in Madeley even if I’m not buying or selling a house, for example where I wish to buy a shop in Madeley with a mortgage from HSBC Bank?
Our search tool is predominantly utilised to get a quote from residential conveyancing solicitors in Madeley but we have listed at the end of this page a few Madeley commercial conveyancing firms. You will need to speak with the firm directly to see if they are also authorised to represent HSBC Bank
I am assisting my step-mother sell her flat in Madeley. Does the conveyancing solicitor commission an EPC or it is for me to see to?
Following the abolition of Home Packs, energy assessments was maintained a compulsory element of moving property. An EPC needs to be commissioned prior to the property being marketed. This is not a task that lawyers normally arrange. If you are using a Madeley conveyancing lawyer they might help arrange EPC’s given their contacts with long established Madeley providers
I am due to exchange contracts on my apartment. I had a double glazing fitted in September 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Barclays are being a right pain. The Madeley solicitor who is on the Barclays conveyancing panel is recommending indemnity insurance as a solution but Barclays are insisting on a building regulation certificate. Why do Barclays have a conveyancing panel if they don't accept advice from them?
It is probably the case that Barclays have referred the matter to their valuer. The reason why Barclays 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 was told three weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Madeley is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Me and my brother own a renovated Victorian property in Madeley. Conveyancing lawyer acted for me and TSB. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold under the matching property. I'd like to know for sure, how can I find out??
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Madeley and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Madeley differ for new build properties?
Most buyers of new build residence in Madeley approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Madeley typically purchase 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 Madeley or who has acted in the same development.
Am I right to be wary by estate agents that I am dealing with are encouraging me to use a factory type conveyancing firm as opposed to a High Street Madeley conveyancing practice?
As is the case with lots of professional services, often referrals from family and friends can be extremely useful or valuable. Nevertheless there are numerous parties with a vested interest in a conveyancing deal; estate agents, financial adviser and lenders may suggest lawyers to retain. On occasion these conveyancers might be known to one of the organisations as being good in their field, but occasionally there might be a financial incentive behind the endorsement. You are free to choose your preferred conveyancer. You need to be aware that most banks specify a panel list of lawyers you have to use for the mortgage aspect of your conveyancing.