I am progressing with the sale of my home in Buxton and the estate agent has just e-mailed to advise that the buyers are switching solicitor. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a big named lender only work with specific solicitors rather the firm that they want to select for their conveyancing in Buxton ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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. Your buyers are unlikely to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Buxton? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Buxton conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account evidencing where you reside.
Under Money Laundering Regulations, property lawyers are obliged by law to check not just the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Having invested time looking at online forums for a conveyancing lawyer in Buxton, many say that I must look for a CQS accredited solicitor. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home moving process, trusted by some of the UK's major lenders. Four years ago the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). The scheme does not cover licenced conveyancers. Buxton is one of the many areas in England and Wales where there are CQS solicitors.
Should my solicitor be asking questions about flooding as part of the conveyancing in Buxton.
Flooding is a growing risk for solicitors specialising in conveyancing in Buxton. There are those who buy a property in Buxton, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a various checks that may be carried out by the purchaser or by their solicitors which will give them a better understanding of the risks in Buxton. The standard property information forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the owner to determine if the premises has suffered from flooding. In the event that the property has been flooded in past which is not disclosed by the seller, then a buyer could bring a claim for damages resulting from an misleading answer. A buyer’s conveyancers may also carry out an environmental search. This will disclose whether there is a recorded flood risk. If so, more detailed inquiries should be conducted.
I need to retain a conveyancing solicitor for remortgage conveyancing in Buxton. I've chance upon a web site which appears to be the perfect answer If there is a chance to get all this stuff done via email that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?