I am 4 weeks into the sale of my ground floor flat in Longthorpe and the estate agent has just telephoned to warn that the buyers are appointing a new law firm. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only deal with certain solicitors rather the firm that they want to select to handle their conveyancing in Longthorpe ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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. Your purchasers are unlikely to have any impact on this.
It is a dozen years since I bought my home in Longthorpe. Conveyancing solicitors have just been instructed on the sale but I can't locate my title documents. Is this a problem?
Don’t worry too much. First the deeds may be kept by your lender or they could be in the possession of the solicitor who oversaw your purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers acquiring current official copies of the land registers. Almost all conveyancing in Longthorpe relates to registered property but in the unlikely event that your home is not registered it is more problematic but is not insurmountable.
I am considering applying for a TSB mortgage for purchase of a new build (under development) in Longthorpe with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?
In theory, you could use a solicitor that is not on the TSB conveyancing panel, but TSB would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Forgive me if this question is silly but I am wet behind the ears as a first time purchaser of a garden flat in Longthorpe. Do I pick up the keys to the property on completion from my solicitor? If so, I will appoint a High Street conveyancing solicitor in Longthorpe?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the vendor’s conveyancers, and shortly after the monies have arrived, you will be able to receive the keys from the property Agents and move into your new home. This tends to happen early afternoon.
Is it correct that all Longthorpe CQS (Conveyancing Quality Scheme) solicitors are on the Bank of Ireland conveyancing panel?
It is true that some lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of firms.
We were going to get a DIP from Coventry BS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Coventry BS recommend any Longthorpe solicitors on the Coventry BS conveyancing panel, or is it better to go independently?
You will need to appoint Longthorpe solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
I am buying a new build apartment in Longthorpe. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Longthorpe
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.