I am nearing exchange of contracts for my home in Theale and the EA has just text me to advise that the purchasers are appointing a new property lawyer. The reason given is that the bank will only deal with solicitors on their conveyancing panel. Why would a big named mortgage company only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Theale ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders attribute this action to a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. Plenty of firms are unaware that 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.
My husband and I are buying a new build apartment in Theale and my conveyancer is informing me that she is duty bound to the lender to reveal incentives from the developer. I am under pressure to sign contracts and I have no desire to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Just acquired a terraced house in Theale , What is the estimated time for the Land Registry to deal with the formalities evidencing my title? My Theale conveyancing solicitor has been painfully slow, so I want to check that my ownership is registered.
There is nothing unique about conveyancing in Theale registration formalities. Rather than based on location, timeframes can vary depending on who lodges the application, whether it is in order and whether the Land registry must send notices to any 3rd persons or bodies. As of today roughly three quarters of submission are completed within two weeks but some can be subject to extensive delays. Registration takes place after the purchaser is living at the premises thus an expedited registration is not typically an essential issue but if it is urgent that the the registration takes place urgently then you or your solicitor could communicate with the Registry to express the reasoning for an expedited registration.
I decided to have a survey carried out on a house in Theale in advance of instructing conveyancers. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some banks may not issue a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you e-mail us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Theale. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Theale to see if the conveyancing costs will increase in light of this.
I have been sourcing a conveyancing solicitor in Theale for my sale. Is there any facility to review a solicitor's record with the profession’s regulator?
You can review documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. For records Pre 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, call +44 (0)121 329 6800. The regulator could monitor call for training purposes.
What happens where there is a problem with the searches carried out as part of our conveyancing in Theale?
Normally, the majority of concerns exposed in Theale conveyancing search responses can be handled prior to completion or indemnity insurance may be put in place. You need to remember that even though you intend on buying the property and might be content to accept the search results, your lender may not, and when all said and done the decision rests with them.