My husband and I are planning to buy a house in Prestatyn and have instructed a Prestatyn conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. have this afternoon contacted us to advise us that there is now an issue as our Prestatyn solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Prestatyn lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My conveyancer has uncovered a defect with the lease for the property we are buying in Prestatyn. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our has advised that he must be satisfied that the lender is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your will have no choice but to discontinue acting for you.
Are the BSA planning on creating a online directory to to identify law firms on the conveyancing panel for example in Prestatyn?
We would not expect to be advised of any plans on the part of the BSA to promote such a register.
I purchased my house on 13 April and my personal details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Prestatyn said it will be dealt with in a couple of weeks. Are titles in Prestatyn uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Prestatyn registration formalities. As opposed to being determined by geographic area, timescales can vary subject to the party submitting the application, whether there are errors and whether the Land registry need to notify any interested persons or bodies. Currently roughly three quarters of such applications are fully addressed within 12 days but some can be subject to protracted hold-ups. Registration occurs once the purchaser is living at the property so 'speed' is not usually top priority yet if there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
I am selling my house. My former lawyers has retired. It would be helpful to have a recommendation of a conveyancing firm. I happen to live in Prestatyn if that makes a difference.
Please use our search tool to help you find a solicitor for your conveyancing in Prestatyn. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.