I am acquiring residence in Rainhill. My property lawyer is not on the mortgage company conveyancing panel. Can I still continue with my Rainhill conveyancing solicitor even though they are not on the lender list of approved lawyers?
Various options include
- Proceed with your preferred Rainhill property lawyer but your lender will undoubtedly retain a conveyancing practitioner on their approved list. The net result is additional fees and potential interruption.
- Appoint a fresh conveyancer to act in the purchase, making sure they are on the bank conveyancing panel.
- Convince your property lawyer to apply to join the lender panel
What does my ID and proof of funds have anything to do with my conveyancing in Rainhill? Is this really necessary?
Rainhill conveyancing solicitors and indeed property practitioners accross the UK have an obligation under money laundering regulations to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill no more than three months).
Evidence of source of monies is also required under the money laundering statutes as conveyancers are duty bound to ensure that the funds you are utilising to buy a property (be it the exchange deposit or the total purchase monies if you are buying without a mortgage) has originated from an acceptable source (such as an inheritance) and is not the proceeds of illegitimate activity.
My husband and I wish to acquire a newly converted apartment in Rainhill with a homeloan from Britannia.We have a Rainhill conveyancing practitioner but Britannia says his firm is not listed on their "panel". It seems we have no choice but to instruct a Britannia panel firm or retain our local solicitor and fork out for a Britannia panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that solicitors must be on the Britannia approved list. Until recently, most banks had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Britannia
It has been 3 months following my purchase conveyancing in Rainhill completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Myself and my wife have just had an offer agreed on a flat and had meeting on Wednesday with Nationwide for the mortgage. They have informed us that when it comes to choosing a lawyer that if they are not on their approved panel of lawyers then we will incur an additional fee of £200. This is because they will then have to appoint a property lawyer to act for them in addition to the one we choose to act for ourselves and we will be on the hook for their invoice. I have asked Nationwide to furnish me with a list so I can seek quotes only from their approved lawyers but was told that I need to check with each individual lawyer to see if they are on the panel. What would be the best way of going about this?
You should ask Nationwide what their criteria for panel membership is for a solicitor.Thereafter ask the conveyancer of your choice whether they meet the criteria and have they acted on loans for Nationwide before. If the answer to those is yes, then just double check with Nationwide. Another option is to utilise our search facility and we should be able to locate a lawyer in Rainhill on the panel for Nationwide.