I am progressing with the sale of my house in Pentre and the EA has just text me to say that the purchasers are swapping conveyancer. The reason given is that the lender will only deal with solicitors on their approved list. Why would a big named lender only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Pentre ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders blame a rise in fraud as the reason for the pruning – criteria have been stiffened 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. Some 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. Your buyers are not going to have any sway in the decision.
We wish to acquire a purpose built flat in Pentre with a residential mortgage from Platform Home Loans Ltd.We use our Pentre conveyancing lawyer but Platform Home Loans Ltd says his firm is not listed on their approved list of member firms. We have to appoint a Platform Home Loans Ltd panel solicitor or keep our local solicitor and fork out for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage issued to you contains terms and conditions, one of which will be that conveyancers will be on the Platform Home Loans Ltd conveyancing panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for Platform Home Loans Ltd
We are aiming to move property in August. Does my conveyancing solicitor update the removal company on the completion day. Incidentally, can you put forward a removal company in Pentre. Conveyancing firm was organised prior to coming across your site.
On the afternoon of completion you will need to pick up the keys from your property agent however this should only happen when the sellers conveyancers inform the agent that the monies to complete are in and the keys can be collected. Subsequently you will need to inform the removal men that they can start moving you in. We are not in a position to recommend a particular removal company but can assist you in choosing a conveyancing in Pentre or a firm with expertise in conveyancing in Pentre.
When it comes to mortgage companies such as Kent Reliance, do Pentre conveyancers face a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Our sealed bid on a detached house in Pentre has been agreed to, the owners do nevertheless have a connected purchase. The owners have offered on on an apartment, however it’s not yet agreed to, and are looking at other flats in the pipeline. I have selected a nearby conveyancing solicitor in Pentre. What should be my next step? When should I get the mortgage application with Kent Reliance started?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then valuation, Pentre conveyancing search charges, etc). First, you must check that your property lawyer is on the Kent Reliance conveyancing panel. As to the subsequent stages this very much dictated by the specifics of your transaction, motivation for this property and on the state of the market. During a rising market many buyers would apply for a home loan with Kent Reliance and arrange for the valuation and only if it was satisfactory would they request their lawyer to move forward with searches.
What does a local search tell me about the house we're buying in Pentre?
Pentre conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search company such as Searches UK The local search is essential in every Pentre conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search should provide data on, amongst other things, details on planning applications relevant 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 13 subject headings.
I acquired my home on 4 September and my personal details are still not registered. Need I be worried? My conveyancing solicitor in Pentre said it will be concluded in less than a month. Are titles in Pentre particularly slow to register?
There is nothing unique when it comes to conveyancing in Pentre registration formalities. Rather than based on location, timescales can adjust subject to who lodges the application, whether it is in order and if the Land registry must send notices to any other parties. As of today approximately 80% of such applications are fully addressed in less than three weeks but occasionally there can be protracted delays. Registration is effected once the new owner is living at the property thus post completion formalities is not usually an essential issue yet if there is a degree of urgency associated with the registration then you or your solicitor could communicate with the Registry to express the reasoning for the application to be prioritised.
Our lawyer in Pentre has identified a a problem with the lease for the property we are buying in Pentre. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the bank conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.