My fiance and I are looking to buy a home in Heathrow and have instructed a Heathrow conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. The Royal Bank of Scotland have this morning contacted us to inform me that they have now hit a problem as our Heathrow lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also act for the mortgage company. 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 Accreditation Scheme. Your property lawyer should contact your bank 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Heathrow solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Our nephew is about to exchange on a newly built flat in Heathrow with a home loan from UBS. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the UBS conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Are the Heathrow conveyancing solicitors identified as being on the HSBC conveyancing panel, together with their details provided by HSBC?
Heathrow conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
Various internet forums that I have come across warn that are the main cause of stalling in Heathrow conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in Heathrow.
I have todaydiscovered that Arc property Solicitors have been shut down. They carried out my conveyancing in Heathrow for a purchase of a freehold house 18 months ago. How can I establish that the property is registered correctly in the name of the former proprietor?
The easiest method to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Heathrow conveyancing specialists.