Unfortunately I am unable to travel far from Prescot. I would like to know the understand why all Prescot lawyers are not on all bank panels?
As unjust as it may appear for banks to limit who can act for them, from the public’s or conveyancer’s perspective, the other side of the coin is that lenders are increasingly anxious and regard it necessary to protect them against illegal activities. As a consequence of this concern lenders have consolidated their conveyancing panel to a manageable size.
Our Prescot lawyer has identified an inconsistency between the information in the home valuation report and what is in the conveyancing documents. My lawyer informs me that he is obliged to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I had intended to instruct a conveyancing solicitor in Prescot for our house purchase. Our financial adviser informed us that our bank Bank of Scotland won't deal with them. Why is this not regarded as unduly restrictive?
Before the recession most mortgage companies had an appetite for risk which was higher than today. Almost all Prescot conveyancing firms would have been on many bank panels. The FSA in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum amount of transactions. Many Prescot conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Prescot is one of the hundreds of locations where the lawyers showing on our search results are are approved Bank of Scotland.
We had chosen conveyancers based in Prescot on the Barclays solicitor approved list. They have just billed me a supplemental fee for the legal aspects of the Barclays mortgage. Is this an additional conveyancing fee set by Barclays?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your lawyer can charge a fee for this. This fee is not dictated by Barclays but by your Prescot lawyer. Plenty of firms on the Barclays panel will quote an ‘acting for lender’ fee but some practices include it on their overall fee.
I am buying a property in Prescot. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender HSBC be concerned?
Given that you are obtaining a mortgage with HSBC your lawyer must follow the formal requirements contained in Section two of UK Finance Lenders’ Handbook for HSBC. The CML Handbook contains minimum requirements for solar panel roof-space leases, and property lawyers are required to report to HSBC where a lease does not meet these provisions. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Prescot.
I was told three weeks ago that my mortgage has been agreed to by Kent Reliance. Is it usual for Kent Reliance to only issue the offer once my solicitor in Prescot is approved on their conveyancing panel? Kent Reliance have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Kent Reliance to deal with your lawyer's application to be on the Kent Reliance conveyancing panel. There's no guarantee that your solicitor will be accepted.
Do commercial conveyancing searches reveal impending roadworks that could impact a commercial land in Prescot?
Its becoming the norm that commercial conveyancing solicitors in Prescot will carry out a SiteSolutions Highways report as it reduces the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Prescot. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Prescot.
For every commercial conveyancing transaction in Prescot it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may cause delays to Prescot commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Prescot.