We are purchasing a 1 bedroom flat in Hook Norton with a mortgage. We have a Hook Norton conveyancer, however the bank says he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or continue with our Hook Norton property lawyer as well as pay for one of their panel firms to act for them. We feel that this is unjust; can we not demand that the bank use our Hook Norton lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Hook Norton conveyancing lawyer to apply to be on the conveyancing panel.
Is it realistic for conveyancing in Hook Norton to be finalised within 10 days?
First, If you are under a tight deadline to exchange we would recommend that your solicitor is familiar with the location as they will benefit local connections and know-how. It is possible that they could have conducted otherproperties in the same street. You would be best advised to use a Hook Norton conveyancing firm. Second, ensure that the lawyer is on the member panel. It is said that 18% of Hook Norton conveyancing transactions are held up or jeopardised after finding out that a buyer’s lawyer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the legal transfer of property being delayed by as much as three weeks. It is said that this issue affects approximately 100,000 home sales annually. Most Hook Norton conveyancing firms can not represent certain lenders so do check as early as possible.
Having sold my house in Hook Norton last April yet the purchaser is Skype messaging every few hours to moan that his lawyer needs to hear from mine. What should my lawyer have done following completion?
After completion of your sale your conveyancer should send the transfer deeds and all of the paperwork to the purchaser's conveyancer. Where relevant, your solicitor must also confirm that the mortgage has been redeemed to the purchasers conveyancers. There are no post completion tasks peculiar conveyancing in Hook Norton.
I had intended to instruct a conveyancing solicitor in Hook Norton for our house purchase. Our financial adviser informed us that our bank Bank of Ireland won't deal with them. Surely this is unfair competition?
Pre- 2008 most banks had an appetite for risk which was higher than today. Almost all Hook Norton conveyancing firms would have been on most lender panels. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms about their operations and their employees and set certain criteria such a completing on a minimum volume of transactions. Many Hook Norton conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Hook Norton is amongst the numerous locations where the solicitors showing on our search results are members of the panel for Bank of Ireland.
I opted to have a survey done on a property in Hook Norton prior to retaining solicitors. I have been advised that there is a flying freehold element to the property. My surveyor has said that some banks tend refuse to give a mortgage on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hook Norton. Conveyancing may be slightly more expensive based on your lender's requirements.