Is the fact that my solicitor in Lower Earley is not listed on my mortgage company's conveyancing panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Lower Earley conveyancing practice and ask them why they are no longer on the approved list for your lender.
Our son is in the process of securing a house that has just been built in Lower Earley with a home loan from RBS. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the RBS conveyancing panel as a standard part of the process, and to the surveyor when requested. 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
When it comes to mortgage companies such as Virgin Money, do Lower Earley lawyers incur a fee to be on the list of approved solicitors?
We are unaware of any lender fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Is it the case that all Lower Earley solicitor practices on the Lloyds conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Lloyds conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Some mortgage companies do allow licenced conveyancers on their panel in which case such practice would be overseen by the Council of Licensed Conveyancers.
I was told four weeks ago that my mortgage has been agreed to by Nationwide. Is it usual for Nationwide to only issue the offer once my solicitor in Lower Earley is approved on their conveyancing panel? Nationwide have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Lower Earley differ for newly converted properties?
Most buyers of new build premises in Lower Earley contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Lower Earley typically purchase 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 conveyancing solicitors 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 Lower Earley or who has acted in the same development.
The conveyancers conducting our conveyancing in Lower Earley has sent papers to review that show the property is unregistered with epitome documents. Surely all houses in Lower Earley should be registered?
Most property in Lower Earley is registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Many Lower Earley conveyancing practitioners will be capable of dealing with this type of conveyancing but in the event that uncertainty reigns the conventional proposition these days is for the seller to deal with the registration formalities first and then deal with the dispose of the property to the purchaser - this no doubt cause a prolonged transaction.