Is the fact that my solicitor in Penge is not on my bank's conveyancing panel that there is a problem with the quality of her conveyancing?
That is most likely an incorrect assumption to make. There are plenty of plausible explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume 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. If you are concerned you should simply call the Penge conveyancing practice and ask them why they are no longer on the approved list for your bank.
The Penge conveyancing firm that just started acting on my house acquisition in Penge have without warning closed. They were on acting for me because I needed a lawyer on the Principality conveyancing panel and my previous Penge lawyer was not. I issued them a cheque for £250 in advance. What are my options?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
I am the sole beneficiary of my late grandmother’s estate with all property in now in my sole name, including the house in Penge. The Penge property was put into my name in April. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership could be treated the same way as though I had purchased the house in April. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How practical a view banks take of it, depend on the lender as this requirement is chiefly there to capture the purchase and immediately sell or the quick reselling of property.
I had a mortgage agreed in principle with Virgin Money. Penge conveyancing lawyers were chosen. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
There is no definitive answer here. Have Virgin Money conducted the survey? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Intending to buy a apartment in Penge. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Penge property lawyer is on the Leeds Building Society conveyancing panel.
I used Stirling Law several years past for my conveyancing in Penge. Now, I need my files however cannot find the solicitor. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Penge of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Am I best advised to choose a Penge conveyancing practitioner based in the area that I am buying? I have an old university friend who can carry out the legal formalities but her office is approximately 350miles drive away.
The primary upside of using a local Penge conveyancing practice is that you can pop in to sign documents, hand in your identification documents and apply pressure on them where appropriate. Having local Penge know how is a bonus. However it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and on the whole were happy that should trump using an unfamiliar Penge conveyancing solicitor solely due to them being local.
My lawyers in Penge have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the bank conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the bank directly.