My partner and I are looking to buy a house in Wavertree and have instructed a Wavertree conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barclays have this morning contacted us to inform me that they have now hit a problem as our Wavertree lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also represent 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 Quality Scheme. Your property lawyer should contact your bank 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Wavertree solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our solicitor has discovered a a legal deficiency with the lease for the apartment we are purchasing in Wavertree. The other side have put forward title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Are the Wavertree conveyancing solicitors identified as being on the TSB conveyancing panel, together with their details provided by TSB?
Wavertree conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
I have been recommended a conveyancing solicitor in Wavertree. I I would like to check whether they are accepted on the Barclays approved list of lawyers. Could you or the lender confirm if they are on the panel?
The first thing to do is e-mail your conveyancer and ask them if they can act for the lender. Otherwise please get in touch with Barclays who may be able to confirm.
The deeds to my house are lost. The solicitors who dealt with the conveyancing in Wavertree 4 years ago no longer exist. What do I do?
These day there are copies made of almost everything, and your lawyer will be aware precisely where to locate all the appropriate paperwork so you may purchase or dispose of your property without any difficulty. Where copies are not available, your solicitor can arrange cover in the form of insurance or indemnities protecting you against possible claims on the premises.
Hoping to buy a property located in Wavertree and I am already nervous. I couldn't find anything specific about Wavertree. Conveyancing will be needed in due course but do you know about the Wavertree area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Wavertree. In the meantime here are some basic statistics that we found