My wife and I are planning to buy a property in Clapton and have appointed a Clapton conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Yorkshire Building Society have this morning contacted us to advise us that they have now hit a problem as our Clapton lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also act for 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 solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Clapton solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
As someone unfamiliar with conveyancing in Clapton what’s the number one tip you can give me for the legal transfer of property in Clapton
You may not hear this from too many lawyers but conveyancing in Clapton or throughout England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there is plenty of opportunity for conflict between you and other parties involved in the ownership transfer. E.g., the seller, property agent and sometimes a mortgage company. Selecting a law firm for your conveyancing in Clapton is a critical decision as your conveyancer is your adviser, and is the ONLY party in the process whose responsibility is to protect your best interests and to keep you safe.
There is a definite ongoing adversarial element to conveyancing- someone must be at fault for the process being so protracted. You should always trust your solicitor above the other parties when it comes to the legal assignment of property.
What happens if my lawyer’s firm is suspended from the Clydesdale Conveyancing panel ahead of completing my conveyancing in Clapton?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I happen to be the sole recipient of my late mum's will with all property in now in my sole name, including the my former home in Clapton. The Clapton property was put into my name in March. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship could be treated the same way as though I had purchased the property in March. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How practical a view mortgage companies take of it, depend on the bank as this obligation primarily exists to capture the purchase and immediately sell or the flipping of properties.
Can you point me to a directory of RBS panel conveyancers in Clapton on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lenders make their panel listings open the public over the internet. If you are seeking to appoint a Clapton conveyancer on the RBS please make the most of our tool.
Clydesdale have agreed my home loan in principle, my offer on a flat in Clapton has been accepted, what happens next?
Your property agent will need to know who your solicitors are (make sure the lawyers are on the lender’s approved list). Call up Clydesdale or the financial adviser and complete any outstanding forms. Clydesdale will instruct a valuer who will get in touch with the estate agent or seller to schedule a slot for the valuation to take place. Once conducted (assuming no problems) it takes about a fortnight to get a mortgage offer. Clydesdale will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Clapton.
Have completed on a a semi-detached house in Clapton , What is the estimated time for the Land Registry to deal with the formalities evidencing my title? My Clapton conveyancing solicitor works at snail pace, so I want to be sure that my name is registered.
There is nothing unique when it comes to conveyancing in Clapton registration formalities. Rather than based on location, timeframes can differ according to who lodges the application, whether it is in order and whether the Land registry communicate with any interested parties. As of today roughly 80% of submission are completed within 12 days but occasionally there can be protracted delays. Registration takes place once the buyer has moved in to the property therefore an expedited registration is not usually primary concern but where there is a degree of urgency associated with the registration then you or your conveyancer could communicate with the Registry to express the reasoning for the application to be prioritised.