My fiance and I are looking to acquire a flat in Southgate and are in fact using a Southgate conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Barclays have this morning contacted us to inform me that they have now hit a problem as our Southgate lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also act for 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 Quality Scheme. Your property lawyer 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 Southgate solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Please could you suggest a Clydesdale sanctioned Southgate conveyancing conveyancer who can have us moved in within a very limited time frame? Am I best advised to go for a high street Southgate practice or a factory type conveyancer?
We can recommend some very good Southgate conveyancing firms. You can also walk up the high street in Southgate. Visit a couple of firms and request to see a conveyancing solicitor for a quote. Explain your deadline together with your reasons and ask for a commitment on speed. Choose the lawyer that appears most efficient.
We see that you have a post code search directory identifying law firms on the TSB conveyancing panel. Do firms pay you a referral fee if I retain them for our own conveyancing in Southgate?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Southgate.
Can you clarify what the consequences are if my lawyer’s firm is removed from the HSBC Conveyancing panel ahead of completing my conveyancing in Southgate?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am the single recipient of my late grandmother’s will and I have everything in my name alone, including the my former home in Southgate. Conveyancing formalities meant that the Land Registry date was in December. I plan to dispose of the house. I do know about the CML 6 month 'rule', meaning my property ownership will be regarded the same way as if I'd bought the property in December. Do I have to wait half a year to sell?
The CML handbook obliges 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 impacted by that. How practical a view mortgage companies take of it, depend on the lender as this obligation is chiefly there to identify subsales or the flipping of property.
Is it the case that all Southgate solicitors on the Nationwide conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Nationwide conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Many lenders do permit licenced conveyancers on their panel and in that case the firms would be overseen by the CLC.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Southgate bank branch on numerous occasions and was told they are content with the situation and they would lend. My Southgate conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. Who do I believe?
As long as the conveyancer is on the mortgage company approved list, they must comply with the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Should I be concerned that third parties that I am dealing with are suggesting a national conveyancing firm as opposed to a High Street Southgate conveyancing firm?
As with many service providers, often referrals from connections can be extremely useful or valuable. Nevertheless there are many people with a vested interest in a conveyancing deal; estate agents, financial adviser and lenders might all suggest conveyancers to instruct. Sometimes these solicitors might be known to one of the organisations as one of the best in their field, but sometimes there exists a financial incentive behind the endorsement. You have the right to select your preferred lawyer. Don't forget that many mortgage providers specify a panel list of lawyers you must use for the mortgage related work in your home move.