My wife and I are hoping to buy a property in Rocester and are in fact using a Rocester conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. HSBC Bank have this afternoon contacted us to inform me that there is now an issue as our Rocester conveyancer is not on their approved list of lawyers. Please explain?
Where you are buying a property needing a mortgage it is usual for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Rocester solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
As a first time buyer what is the most important advice you can impart regarding purchase conveyancing in Rocester?
You may not hear this from too many lawyers but conveyancing in Rocester or throughout Staffordshire is often a confrontational experience. Put another way, when it comes to conveyancing there is lots of room for friction between you and other parties involved in the home moving process. E.g., the vendor, selling agent and sometimes a mortgage company. Appointing a law firm for your conveyancing in Rocester is a critical decision as your conveyancer is your adviser, and is the ONE person in the legal process whose interest is to protect your best interests and to protect you.
Sometimes a third party with a vested interest will attempt to persuade you that it is in your interests to do things their way. As an example, the estate agent may claim to be helping by suggesting your lawyer is wrong. Or your financial adviser may advise you to do something that is against your conveyancers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
When it comes to lenders such as UBS, do Rocester conveyancers have to pay an annual charge to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
My partner and I have organised the release of further funds on our mortgage from Clydesdale as we want to conduct alterations to our house in Rocester. Do we need to select a local Rocester solicitor on the Clydesdale conveyancing panel to deal with the legals?
Clydesdale do not ordinarily appoint firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Clydesdale conveyancing panel.
I am selling my flat. I had a double glazing fitted in November 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, RBS are being problematic. The Rocester solicitor who is on the RBS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but RBS are requiring a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS 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.
five months have gone by since my purchase conveyancing in Rocester concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. 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.
I need to appoint a conveyancing solicitor for some conveyancing in Rocester. I happened to chance upon a web site which appears to be the ideal solution If it is possible to get all formalities done via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Our lawyer in Rocester has discovered a a legal deficiency with the lease for the apartment we are buying in Rocester. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the bank?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Rocester conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. The appropriate lender requirements have to be complied with by the mortgage company conveyancing panel who has to balance acting for you and the lender