My wife and I are looking to acquire a home in Shanklin and have instructed a Shanklin conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Nottingham Building Society have this evening contacted us to advise us that they have now hit a problem as our Shanklin solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also represent the mortgage company. 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 mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Shanklin solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I am due to exchange on the purchase of a property in Shanklin but as a result of damage from the recent storms I have managed to agree reparation from the vendor in the sum of £3k in the form of a adjustment in the price. This was going to be addressed as part of amending the contract but Bank of Ireland are not allowing this. Should they have been approached?
Your property lawyer that is on the Bank of Ireland conveyancing panel is required to advise Bank of Ireland of any amendments to the sale price. If you prohibit your conveyancing practitioner to report the reduction to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new solicitor for your conveyancing in Shanklin.
Me and my partner are purchasing a apartment in Shanklin. I might seem paranoid but how we can trust a conveyancer? On the day of competition we have to put funds into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am aiming to move house in June. Does my conveyancing solicitor communicate with the removal company on the day of completion. As an aside, can you recommend a removal company in Shanklin. Conveyancing solicitor was chosen prior to coming across this website.
On the day of completion you will need to collect the house keys from your property agent however this should only occur when the previous owners conveyancers inform the agent that they acknowledge receipt of the completion payment and the keys can be collected. You can tell the removal men that they can start moving you in. We are not in a position to suggest a specific removal organisation but can help you locate a residential property solicitor in Shanklin or a firm with expertise in conveyancing in Shanklin.
Is it the case that all Shanklin solicitor firms on the Lloyds conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Lloyds approved list of solicitors they would need to be governed by the SRA. Some mortgage companies do list licenced conveyancers on their panel and in such a situation the firms would be regulated by the Council of Licensed Conveyancers.
I have todayfound out that Action Conveyancing have been shut down. They conducted my conveyancing in Shanklin for a purchase of a leasehold apartment 10 months ago. How can I be sure that the property is not still registered in the name of the previous owner?
The easiest method to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Shanklin conveyancing specialists.
In my capacity as executor for the will of my aunt I am selling a property in Neath but reside in Shanklin. My lawyer (who is 200 kilometers from mehas requested that I sign a stat dec prior to the transaction finalising. Can you recommend a conveyancing practitioner in Shanklin who can witness this legal document for me?
Technically 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 based in Shanklin
Why do Shanklin conveyancing fees are more expensive for leasehold and freehold properties?
There is always increased work necessary in leasehold conveyancing. Shanklin has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.