I can't travel far from Caldicot. Please explain the reason why all Caldicot conveyancing practitioners aren't included on all mortgage company panels?
Banks highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. This led to banks and building societies pruning less reputable firms off their books of approved conveyancers .
The Caldicot conveyancing solicitors that just started acting on my house acquisition in Caldicot have without warning closed. They were on acting for me because I had to have a lawyer on the Kent Reliance conveyancing panel and my previous Caldicot lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What do I do now?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Kent Reliance conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
Forgive me if this question is silly but I am new to the home buying as a first time purchaser of a two bedroom flat in Caldicot. Do I pick up the keys to the premises on completion from my lawyer? If this is the case, I will instruct a High Street conveyancing solicitor in Caldicot?
On the day of completion you do not need to attend the conveyancers office in Caldicot. Your solicitors will arrange to send the completion advance to the seller's lawyers, and once they have received this, you should be called to receive the keys from the property Agents and move into your new home. Usually this occurs early afternoon.
I was told two weeks ago that my mortgage has been agreed to by Nottingham. Is it usual for Nottingham to only issue the offer once my solicitor in Caldicot is approved on their conveyancing panel? Nottingham 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 Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
HSBC have agreed my mortgage in principle, my offer on a house in Caldicot has been agreed to, what happens next?
Your estate agent will need to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s approved list). Telephone HSBC or the broker and finalise any relevant paperwork. HSBC will instruct a valuer who will get in touch with the estate agent or vendor to book a time for the valuation to occur. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. HSBC will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Caldicot.
Will my solicitor be asking questions about flooding as part of the conveyancing in Caldicot.
The risk of flooding is if increasing concern for solicitors dealing with homes in Caldicot. Some people will buy a property in Caldicot, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, but there are a numerous checks that may be initiated by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Caldicot. The conventional set of completed inquiry forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a usual question of the vendor to find out whether the property has suffered from flooding. If the premises has been flooded in past which is not revealed by the seller, then a purchaser may issue a legal claim for losses as a result of such an inaccurate answer. The purchaser’s solicitors may also carry out an enviro report. This should indicate whether there is any known flood risk. If so, additional investigations will need to be initiated.
Am I best advised to appoint a Caldicot conveyancing practitioner based in the vicinity that I am purchasing? An old friend can carry out the legal work but they are based 400miles away.
The primary upside of using a local Caldicot conveyancing practice is that you can visit the firm to sign paperwork, deliver your ID and pester them where appropriate. Having local Caldicot know how is a plus. That being said it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and in the main were impressed that must trump using an unfamiliar Caldicot conveyancing lawyer solely due to them being based in the area.