I am progressing with the sale of my maisonette in Winton and the EA has just called to advise that the buyers are switching law firm. The reason given is that the lender will only engage with property lawyers on their approved list. On what basis would a big named mortgage company only engage with specific law firms rather the firm that they want to select for their conveyancing in Winton ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 unlikely to have any impact on this.
I am being told by my solicitor that missing deeds insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Winton?
The right level of missing deeds indemnity insurance depends on your lender. It would differ for example between Lloyds TSB Bank and Virgin Money. Conveyancing lawyers as opposed to borrowers take out such insurances.
Is there a list of Nationwide panel solicitors in Winton on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. Very few mortgage companies make their panel listings visible over the internet. Where you are in need of a Winton property lawyer on the Nationwide please use our tool.
I am due to exchange contracts on my apartment. I had a double glazing fitted in October 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Aldermore are being pedantic. The Winton solicitor who is on the Aldermore conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Aldermore are requiring a building regulation certificate. Why do Aldermore have a conveyancing panel if they don't accept advice from them?
It is probably the case that Aldermore have referred the matter to their valuer. The reason why Aldermore may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have been told that property searches are the main cause of delay in Winton conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Winton.
I have justdiscovered that Stirling Law have closed. They conducted my conveyancing in Winton for a purchase of a freehold house 12 months ago. How can I check that my home is in my name in the name of the former proprietor?
The quickest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Winton conveyancing specialists.
We are hoping to buy a repossessed flat in Winton and the vendor demand completion within a month. Can a lawyer meet that timeframe? Would it be better to instruct a high street Winton firm or an online firm that professes to complete quickly?
Attend your Winton shopping parade. Pop in to 3 companies and ask to see a conveyancing solicitor for a quote. Explain your needs and get a commitment on time frames. Choose the firm that seems most efficient. Be sure to use a lawyer on the list of property lawyers approved by your bank.