I am not in a position to travel far from Wednesbury. I would like to know the logic why all Wednesbury conveyancers aren't included on all bank panels?
Lenders tend to restrict either the type or volume of conveyancing firms on their approved list of lawyers. Frequent examples of such restriction(s) being that a practice needs to have at least two partners. As well as restricting the type of firm, some have decided to limit the size of their panel they allow to represent them. You should note that banks have no liability for the quality of service supplied by any Wednesbury lawyer on their panel. Property fraud was the main trigger for the reduction of conveyancing panels a few years ago notwithstanding that there are conflicting views about the extent of solicitor involvement in some of that fraud. Statistics published by the Land Registry indicates that thousands of conveyancing organisations only transact a couple of conveyances a year. Those advocating conveyancing panel cuts ask why conveyancing firms should have the right to be listed on a conveyancing panel when clearly property law is not their primary expertise?
My wife and I are due to exchange buying a house in Wednesbury but as a consequence of wreckage from the recent storms I have was able negotiate compensation from the owner in the sum of six thousand pounds taking the form of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process yet Virgin Money will not permit this. Why were they informed?
The solicitor being on the Virgin Money conveyancing panel is required to disclose to Virgin Money of any changes to the sale price. If you prohibit your solicitor to notify the price change to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new conveyancer for your conveyancing in Wednesbury.
In what way does my ID and proof of funds have anything to do with my conveyancing in Wednesbury? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Wednesbury. However these days you can not complete any conveyancing transaction without first submitting proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a bank statement. Please note that if you are providing your driving licence as proof of identification it must be both the paper element as well as the photo card part, one is not acceptable in the absence of the other.
Verification of the origin of funds is required under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your lawyer will need to retain this information on record. Your Wednesbury conveyancing practitioner will require evidence of proof of funds before they are able to accept any money from you into their client account and they should also ask additional questions regarding the origin of funds.
My father pointed out to me me that in buying a property in Wednesbury there could be a number of restrictions prohibiting external changes to the property. Is this right?
We are aware of a number of properties in Wednesbury which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Wednesbury should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Are all Wednesbury Conveyancing Quality Solicitors on the Principality conveyancing list of approved solicitors?
Some major lenders now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
Is it the case that all Wednesbury conveyancing solicitors on the Yorkshire BS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Yorkshire BS conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some lenders do list licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
I used Stirling Law several years ago for my conveyancing in Wednesbury. I now require my file however the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Wednesbury of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.