I am in the process of selling my maisonette in Portslade and the estate agent has just called to warn that the purchasers are swapping solicitor. The reason given is that the bank will only engage with solicitors on their approved list. Why would a major mortgage company only engage with certain lawyers rather the firm that they want to select to handle their conveyancing in Portslade ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Portslade. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 9/2/2019, the requirements read as follows :
What is the difference between a licensed conveyancer and conveyancing solicitor in Portslade
There are many registered licenced Conveyancers in Portslade and Solicitor firms in Portslade offering conveyancing It is important to make clear that both are regulated professionals specialising in the legal work in transferring property. Both can handle other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Are all Portslade Conveyancing Quality Solicitors on the UBS conveyancing panel?
It is true that some banks and building societies now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Portslade solicitor on the Bank of Ireland panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
Are there restrictive covenants that are commonly picked up during conveyancing in Portslade?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Portslade. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I purchased a flat in Portslade last 9/11/2017 and to date it is still not registered with HMLR. It is part of a development site and my conveyancer told me that it may take over a year to complete the registration formalities. I have called the Land Registry directly and they have informed me the original application was cancelled due to failure to reply to requisitions. What can I do?
It is your lawyer that you really need to get in touch with in order to satisfy any issues which have arisen as part of the registration process for your Portslade property. Normal Portslade conveyancing practice includes an undertaking on the part of the seller's lawyer that they will help resolve any requisition raised by HMLR so it may be a case of seeking to enforce that undertaking in some way.