Am I correct in assuming that the fact that my solicitor in Torrington is not on my bank's solicitor panel that there is a problem with the standard of his work?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Torrington conveyancing firm and ask them why they are no longer on the approved list for your bank.
What does my ID and proof of funds have anything to do with my conveyancing in Torrington? Is this really warranted?
It is indeed that case that these requests have nothing to do with conveyancing in Torrington. Nowadays you will not be able to proceed with any conveyancing deal without first supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence and a bank statement. Remember if you are providing your driving licence as proof of ID it must be both the paper section as well as the photo card part, one is not sufficient without the other.
Proof of your source of money is required in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your lawyer must retain this information on record. Your Torrington conveyancing practitioner will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they may also ask additional questions concerning the origin of monies.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Torrington. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 26/11/2022, the requirements read as follows :
We have a mortgage agreed in principle with Nottingham. Torrington conveyancing solicitors have been instructed. What is the average time that one could expect to receive a mortgage offer from Nottingham?
Some lenders take longer than others. Have Nottingham completed the survey? Have you advised Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am currently in the process of buying my council flat in Torrington. I have a mortgage agreed with RBS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
I had an offer accepted on a property in Torrington on 19/10/2022, valuation was booked 3 days later, all came back fine. Solicitor instructed, so all that was missing was my mortgage offer. Having made daily calls to Kent Reliance and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Kent Reliance conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue an offer 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.
How does conveyancing in Torrington differ for newly converted properties?
Most buyers of new build or newly converted property in Torrington approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in Torrington usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Torrington or who has acted in the same development.