Am I correct in assuming that the fact that my conveyancer in North Plymouth is not on my bank's conveyancing panel that there is a problem with the quality of the firm’s conveyancing?
That is more than likely a wrong assumption to make. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack 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. If you are concerned you should simply call the North Plymouth conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
My grandson is buying a newly built flat in North Plymouth with a home loan from Lloyds. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have been told that property searches are a common cause of obstruction in North Plymouth conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in North Plymouth.
How does conveyancing in North Plymouth differ for new build properties?
Most buyers of new build or newly converted property in North Plymouth come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in North Plymouth typically purchase the real estate, 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 accustomed to new build conveyancing in North Plymouth or who has acted in the same development.
Do I have to attend the offices of the mortgage company conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in North Plymouth as it will be easier to pop in to their offices if necessary.
Whereas this was necessary 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in North Plymouth.