I had intended to instruct a property lawyer in Southgate for our house move. Our broker has since advised us that our bank Yorkshire Building Society won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most lenders had an appetite for risk which was higher than today. Almost all Southgate conveyancing firms would have been on many mortgage company panels. The FSA in 2010 completed a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms relating to their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum amount of conveyancing. Many Southgate conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Southgate is amongst the numerous locations where the lawyers we list are are approved Yorkshire Building Society.
We previously selected conveyancers with offices in Southgate on the Virgin Money solicitor approved list. They are now charging me a supplemental charge for dealing with the Virgin Money mortgage. Is this an additional conveyancing fee set by Virgin Money?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your property lawyer can levy a fee for this. This charge is not dictated by Virgin Money but by your Southgate conveyancing practitioner. Some firms on the Virgin Money panel will charge ’dealing with mortgage’ fee and others do not.
I'm in the process of viewing houses in Southgate and I am now considering a potential offer. Is it too early to have a solicitor in place? I intend to finance via a home loan with Bank of Ireland.
It would be advisable to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are obtaining a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.
I was told four weeks ago that my mortgage has been agreed to by HSBC. Is it usual for HSBC to only issue the offer once my solicitor in Southgate is approved on their conveyancing panel? HSBC have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyer's application to be on the HSBC conveyancing panel. There's no guarantee that your solicitor will be accepted.
I used Stirling Law a few years ago for my conveyancing in Southgate. I now require my file however the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Southgate of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, no chain conveyancing. Southgate is where the house is located. Is there any guidance you can impart?
Flying freeholds in Southgate are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Southgate you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southgate may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Should I be concerned about third parties that I am dealing with are recommending a nationwide conveyancing firm rather than a High Street Southgate conveyancing firm?
As is the case with lots of professional services, often input from family and friends can be very helpful. Yet there are numerous people with a keen interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may put forward solicitors to use. Sometimes the lawyers might be known to one of the organisations as experts in their field, but sometimes there exists a financial incentive behind the recommendation. You have the right to appoint your preferred lawyer. Don't forget that the majority of lenders specify a panel list of solicitors you are obliged to use for the lender related work in your home move.