I can't travel far from Oval. Is there a reason why all Oval conveyancers are not on all mortgage company panels?
Pre- 2008 most banks exhibited an approach to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into fraud which in summary warned lenders: know the lawyers on your panel. Accordingly, banks have subsequently looked to extract more data from law firms regarding their processes and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum volume of transactions the mortgage companies insisted on.
My husband and I wish to acquire a newbuild flat in Oval with a homeloan from Virgin Money.We have a Oval conveyancing practitioner but Virgin Money informed us he's not on their "panel". It seems we have little choice but to instruct a Virgin Money panel firm or keep our high street solicitor and fork out for a Virgin Money panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Virgin Money use our lawyer?
Unfortunately,no. The loan issued to you is subject to its terms and conditions, a common one being that lawyers needs to be on the Virgin Money approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Virgin Money
We have a mortgage agreed in principle with HSBC. Oval conveyancing solicitors were chosen. How long does it take for HSBC to send the offer to the property lawyer?
Some lenders take longer than others. Have HSBC completed the valuation? Have you advised HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have paid off my mortgage with Nottingham. I assume I don't need a Oval property lawyer on the Nottingham panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
Co-operative have agreed my mortgage in principle, my bid on a property in Oval has been agreed to, now what?
The property agent will wish to be advised as to your property lawyer's details (make sure the lawyers are on the lender’s panel). Telephone Co-operative or the broker and finish off any outstanding forms. Co-operative will sellect a valuer who will get in contact with the selling agent or owners to arrange an appointment. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Co-operative will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Oval.
I decided to have a survey carried out on a property in Oval before appointing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies may not issue a loan on such a premises.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you e-mail us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Oval. Conveyancing will be smoother if you use a solicitor in Oval especially if they are familiar with such properties in Oval.
Is it simple use the search facility to locate a conveyancing lawyer in Oval on the authorised to act for my mortgage?
First pick a bank such as Birmingham Midshires, Coventry Building Society or Bank of Ireland then specify your preferred area a common one being Oval. Conveyancing practices in Oval and beyond should be listed.
As co-executor for the estate of my grandfather I am selling a house in Newport but reside in Oval. My lawyer (based 200 miles from mehas requested that I execute a stat dec ahead of the transaction finalising. Could you suggest a conveyancing lawyer in Oval who can witness and place their company stamp on the document?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will suffice regardless of whether they are Oval based