My fiance and I are planning to acquire a flat in Hinckley and are in fact using a Hinckley conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Halifax have this evening contacted us to advise us that there is now an issue as our Hinckley lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also represent 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 Accreditation Scheme. Your solicitor should contact your mortgage company 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 lender’s conveyancing panel and you may continue to use your own Hinckley solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am buying a terraced house in Hinckley. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Hinckley you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Hinckley.
How does conveyancing in Hinckley differ for new build properties?
Most buyers of new build property in Hinckley contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because builders in Hinckley tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Hinckley or who has acted in the same development.
How do I use the search facility to locate a conveyancing lawyer in Hinckley on the panel for my lender?
1st pick a bank such as Yorkshire Building Society, Chelsea Building Society or Platform Home Loans Ltd then specify your preferred area for example Hinckley. Conveyancing firms in Hinckley and beyond should be listed.
I am purchasing a flat and cash is in place. My conveyancer has been given with two distinct evidence of photographic identification, bank statement, numerous utility bills. Now he wants a copy from a probate lawyer advising that the funds are in order and that it has come from inheritance and not dealing E's in Ibiza.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Hinckley conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.