I am in the process of selling my home in Temple and the estate agent has just telephoned to advise that the buyers are swapping solicitor. The excuse is that the lender will only deal with property lawyers on their approved list. On what basis would a major lender only engage with certain solicitors rather the firm that they want to select to handle their conveyancing in Temple ?
Lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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. The buyers are unlikely to have any sway in the decision.
In what way does my ID and proof of funds have anything to do with my conveyancing in Temple? Is this really necessary?
Temple conveyancing solicitors and indeed property lawyers accross the UK have an obligation under money laundering regulations to check the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Evidence of source of monies is also required under the money laundering regulations as solicitors are duty bound to investigate that the funds you are using to acquire a property (whether it be the deposit for exchange or the total purchase monies if you are buying mortgage free) has originated from a reputable source (such as employment savings) rather than the fruits of illegitimate activity.
When it comes to mortgage companies such as Santander, do Temple property lawyers have to pay an annual charge to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We had appointed solicitors located in Temple on the Leeds Building Society solicitor panel. They are now charging me an additional amount for the legal aspects of the Leeds Building Society mortgage. Is this a supplemental conveyancing fee specified by Leeds Building Society?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your property lawyer is entitled to levy a fee for this. This charge is not dictated by Leeds Building Society but by your Temple conveyancer. Plenty of firms on the Leeds Building Society panel will charge an ‘acting for lender’ fee and others do not.
Last month we had a mortgage agreed in principle with Leeds Building Society. Temple conveyancing practitioners were appointed. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
There is no definitive answer here. Have Leeds Building Society done the survey? Have you advised Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I require quick conveyancing in Temple as I am under a deadline to complete inside 4 weeks. A mortgage is not required. Can I avoid the conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you have the choice not to have searches carried out although no solicitor would recommend that you don't. Drawing on our experience of conveyancing in Temple the following are examples of what can appear and therefore impact the marketability of the property: Refused Planning Applications, Outstanding Charges, Overdue Grants, Road Schemes,...
I decided to have a survey completed on a property in Temple prior to appointing conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some banks will not give a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. If you contact us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Temple. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Temple to see if the conveyancing will be more expensive.
In my capacity as executor for the will of my aunt I am selling a property in Cardiff but I am based in Temple. My conveyancer (who is 250 kilometers from merequires that I execute a statutory declaration before completion. Can you recommend a conveyancing solicitor in Temple to attest and place their company stamp on the document?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are Temple based