I am one month into the sale of my house in West Smithfield and the EA has just text me to advise that the purchasers are swapping property lawyer. The excuse is that the mortgage company will only engage with solicitors on their approved list. On what basis would a leading lender only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in West Smithfield ?
UK lenders have always had panels of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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. Some 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 purchasers are unlikely to have any impact on this.
All was ready to move into my new home in West Smithfield next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in West Smithfield.
Do banks and building societies provide you with an approved list of West Smithfield conveyancing solicitors? How do you know who is on the Aldermore conveyancing panel?
West Smithfield conveyancing firms themselves provide us confirmation that they are on the Aldermore conveyancing panel as opposed to being supplied with a list from Aldermore directly.
There is lots of here about conveyancing in West Smithfield but can you isolate your top tip for selecting the right conveyancer in West Smithfield
We would encourage you not to base your choice on the lowest West Smithfield conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Is it correct that all West Smithfield CQS (Conveyancing Quality Scheme) solicitors are on the Yorkshire BS conveyancing panel?
Some major lenders now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I have instructed a West Smithfield property lawyer having made sure that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own West Smithfield surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Despite weeks of looking the Title Certificate and documents to my house are lost. The conveyancers who did the conveyancing in West Smithfield 5 years ago have long since closed. Will I be able to sell the house?
These day there are copies made of almost everything, and your conveyancer should know precisely where to look for all the appropriate documentation so you can buy or dispose of your house without any difficulty. If copies are not available, your solicitor can put in place insurance or indemnities against future claims on the premises.
Is there a reason that West Smithfield conveyancing fees are higher for leasehold and freehold properties?
Leasehold conveyancing in West Smithfield more often than not will involve additional due diligence such as reviewing the lease, liaising with the landlord, obtaining up to date rent receipts, landlord’s consents, management company’s accounts etc.