I am progressing with the sale of my home in Princes Risborough and the estate agent has just telephoned to warn that the buyers are appointing a new property lawyer. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. On what basis would a big named lender only work with certain solicitors rather the firm that they want to choose for their conveyancing in Princes Risborough ?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
We're in Princes Risborough, FTBs purchasing with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
is it true that all Princes Risborough solicitors on the Leeds Building Society conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. The majority of banks do permit licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
I have paid off my mortgage with TSB. I assume I don't need a Princes Risborough lawyer on the TSB panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your TSB 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 TSB mortgage from the register. TSB, 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 TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
Clydesdale have agreed my home loan in principle, my offer on a apartment in Princes Risborough has been accepted, what happens next?
The estate agent will need to know who your solicitors are (ensure that the conveyancers are on the lender’s approved list). Call up Clydesdale or the broker and finish off any outstanding documentation. Clydesdale will sellect a valuer who will get in touch with the estate agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Clydesdale will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Princes Risborough.
I have todaybeen informed that Action Conveyancing have closed. They carried out my conveyancing in Princes Risborough for a purchase of a leasehold apartment 12 months ago. How can I check that my home is in my name in the name of the previous owner?
The easiest method to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Princes Risborough conveyancing specialists.
My husband and I are four weeks into a leasehold purchase having been directed to conveyancers by the high street agent to carry out the conveyancing in Princes Risborough. I am am extremely disappointed with the quality of service. Could you you assist me in finding new lawyers?
A solicitor would need to be really poor in order to consider diss instructing them. Has the mortgage been generated? In the event that it has you must inform them of the new contact details and have the mortgage documents are re-issued. Your new solicitor ideally needs to be on the lenders approved list to avoid escalating costs and complications. So that should be your first question of the new solicitors. The find a solicitor tool can help you find a lender approved conveyancer for your conveyancing in Princes Risborough