I am nearing exchange of contracts for my maisonette in Whalley and the estate agent has just called to say that the purchasers are switching solicitor. The reason given is that the bank will only work with solicitors on their approved list. Why would a big named mortgage company only work with specific solicitors rather the firm that they want to select for their conveyancing in Whalley ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been stiffened 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 hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any sway in the decision.
I am buying a house for cash in Whalley. I have resided for the last 15 years in Whalley. Conveyancing searches are a lot of money. As I know the road and vicinity very well must I have all the conveyancing searches?
In the absence of a mortgage, then almost all of the Whalley conveyancing searches are optional. Your conveyancer will ’encourage you, perhaps strongly, that you should have searches done, but she is duty bound to do this. One thing to consider; if you are likely to dispose of the house in the future, it could be of relevance to your future purchaser what the searches contain. On occasion premises with day to day issues can still show up negative search results. A good conveyancing solicitor in Whalley should be able to give you some helpful advice concerning this.
What does my ID and proof of funds have anything to do with my conveyancing in Whalley? Is this really necessary?
To satisfy the Money Laundering Regulations any Whalley conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account showing where you reside.
Under Money Laundering Regulations, property lawyers are obliged by law to validate not just the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will result in your solicitor ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
A relative informed me that in buying a property in Whalley there may be a number of restrictions prohibiting external alterations to the property. Is this right?
There are a number of properties in Whalley which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Whalley should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
About to purchase apartment in Whalley. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Whalley conveyancing practitioner is on the Lloyds conveyancing panel.
Nationwide have agreed my home loan in principle, my bid on a flat in Whalley has been agreed to, what are the next steps?
The estate agent will wish to know who your solicitors are (make sure the property lawyers are on the lender’s approved list). Contact Nationwide or the broker and complete any outstanding forms. Nationwide will instruct a valuer who will get in touch with the selling agent or vendor to arrange a time for the valuation to take place. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Nationwide will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Whalley.
Is it possible to switch solicitor as I have to choose one who is on the Accord Mortgages Ltd conveyancing list. I had appointed a high street conveyancing solicitor in Whalley round the corner but she is not approved by Accord Mortgages Ltd
It would be our pleasure to help you select a conveyancing solicitor in Whalley on the Accord Mortgages Ltd panel. Please note that the law firms that we on the directory do not pay us fee if you instruct them and are authorised and regulated by the SRA who regulate all conveyancing solicitors in Whalley. In making use of search facility on this site, you can scrutinise fees for conveyancing solicitors in Whalley and beyond.