My partner and I are looking to purchase a flat in Somersham and have instructed a Somersham conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Accord Mortgages Ltd have this afternoon contacted us to inform me that there is now an issue as our Somersham solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the purchaser's lender. 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 Quality Scheme. Your solicitor should contact your lender 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 bank's conveyancing panel as you are at liberty to use your preferred Somersham lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I am thinking of mortgaging my flat in Somersham, does my lawyer have to be on the Santander Conveyancing panel?
There is nothing to stop you using your solicitor, but Santander will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have been told that property searches are the number one reason for obstruction in Somersham house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Somersham.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a simple, chain free conveyancing. Somersham is the location of the property. Can you shed any light on this issue?
Flying freeholds in Somersham are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Somersham you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Somersham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I have been sourcing a conveyancing lawyer in Somersham for my house move. Can I see a firm’s record with the profession’s regulator?
One may read presented Solicitor Regulator Association (SRA) determinations resulting from inquisitions started on or after Jan 2008. Go to Check a solicitor's record. To find records Pre 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The SRA sometimes recorded call for training purposes.