I am not in a position to travel far from Cottingham. What is the rationale as to why all Cottingham conveyancing practitioners are not on all mortgage company panels?
Pre- 2008 most lenders had an approach to risk which differs from the current day. The Financial Services Authority in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the conveyancing practitioners on your panel. Consequently, banks have since looked to extract more information from law firms regarding their operations and the staff who work for them and set certain criteria such as completing a minimum number of transactions. Many law practices have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the criteria of volume of transactions the lenders set.
We see that you have a post code search directory listing firms on the Kent Reliance conveyancing panel. Do firms pay you a referral fee if I retain them for our conveyancing in Cottingham?
We are a listing service only for law firms wishing to communicate if they are on the Kent Reliance conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Cottingham.
My brother-in-law has suggested I instruct a conveyancing solicitor in Cottingham. I need to find out whether they are accepted on the Yorkshire Building Society approved list of lawyers. Could you or the lender confirm if they are on the panel?
You should phone the solicitor and enquire if they can act for the bank. Otherwise you should get in touch with Yorkshire Building Society who may be able to assist.
Should my conveyancer be raising enquiries about flooding during the conveyancing in Cottingham.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Cottingham. There are those who purchase a property in Cottingham, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a numerous checks that can be carried out by the purchaser or on a buyer’s behalf which will figure out the risks in Cottingham. The standard property information forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the owner to discover if the premises has historically flooded. In the event that flooding has previously occurred which is not revealed by the vendor, then a purchaser could commence a legal claim for losses resulting from an incorrect reply. A purchaser’s lawyers should also conduct an environmental search. This will reveal whether there is any known flood risk. If so, more detailed inquiries will need to be conducted.
My solicitors in Cottingham have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the bank conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.