I am nearing exchange of contracts for my apartment in Great Wyrley and the estate agent has just called to advise that the buyers are changing their property lawyer. I am told that this is due to the fact that the bank will only work with solicitors on their approved list. Why would a big named lender only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Great Wyrley ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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. The purchasers are unlikely to have any impact on this.
Finally the sale completed on my house in Great Wyrley last June yet the purchaser is Skype messaging me to moan that her solicitor is waiting to hear from mylawyer. What are the post completion sale formalities now that I have sold?
Post completion of your disposal your lawyer should forward the transfer documentation and all of the paperwork to the buyer’s conveyancer. Depending on the transaction, your lawyer should also confirm that the mortgage has been discharged to the buyers solicitors. There is unlikely to be post completion steps peculiar conveyancing in Great Wyrley.
My Conveyancer in Great Wyrley is not on the Skipton Building Society Conveyancing Panel. Can I still retain my family solicitor even though they are not on the Skipton Building Society panel?
The limited options open to you here include:
- Complete the purchase with your existing Great Wyrley solicitors but Skipton Building Society will need to retain a solicitor on their panel. This will inevitably rack up the overall legal charges and cause delays.
- Choose an alternative lawyer to to deal with the purchase, remembering to check they are Skipton Building Society approved.
- Persuade your Skipton Building Society based solicitor to seek to join the Skipton Building Society panel
What is the difference between a licensed conveyancer and conveyancing solicitor in Great Wyrley
There are many recorded licenced Conveyancers in Great Wyrley and Solicitor firms in Great Wyrley who can assist with your conveyancing It is important to make clear that the two are supervised by regulatory bodies with both specialising in the legal aspects of the home buying process. The two can conduct other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
We have agreed to purchase a house in Great Wyrley. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Clydesdale be concerned?
Given that you are obtaining a mortgage with Clydesdale your lawyer must check the conveyancing requirements set out in Section two of UK Finance Lenders’ Handbook for Clydesdale. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and solicitors are required to report to Clydesdale where a lease fails to satisfy these specifications. The requirements relate to the installation of panels on properties in England and Wales and is not restricted to Great Wyrley.
The mortgage over my property is with Bank of Ireland for my property in Great Wyrley. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
You must advise Bank of Ireland prior to letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel lawyer.
I need to switch lawyers as my Great Wyrley lawyer is not on the bank's panel of conveyancing solicitors. Is it practical to instruct different lawyers?
In the event that you have not formally appointed a solicitor to start work and at this stage simply received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Great Wyrley that you're considering.