My partner and I are hoping to purchase a property in Cumberland and have instructed a Cumberland conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Norwich and Peterborough Building Society have this morning contacted us to inform me that there is now an issue as our Cumberland lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also act for 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 Accreditation Scheme. Your property lawyer 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Cumberland lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We are approaching an exchange on a property in Cumberland and my parents have sent the 10% deposit to my lawyer. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
Your lawyer is legally required to check with lender to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
is it true that all Cumberland solicitor practices on the Coventry BS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Coventry BS conveyancing panel they would need to be overseen by the SRA. Some lenders do list licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
We have agreed to purchase a house in Cumberland. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Kent Reliance be concerned?
Given that your lender is Kent Reliance your lawyer must check the conveyancing requirements outlined in Part two of UK Finance Lenders’ Handbook for Kent Reliance. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Kent Reliance where a lease does not satisfy these conditions. The provisions relate to the installation of panels on properties nationwide and is not restricted to Cumberland.
Completion of my purchase has taken place for my property in Cumberland. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Am I right to be wary about estate agents that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a local Cumberland conveyancing company?
As with many service providers, often input from relatives can be worth their weight in gold. But there are many parties with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and banks might all put forward solicitors to appoint. On occasion the lawyers might be known to one of the organisations as experts in their field, but occasionally there may be a commercial relationship behind the recommendation. You are free to select your preferred lawyer. Don't forget that many banks operate an approved list of law firms you are obliged to use for the mortgage aspect of your transaction.
In searching the world wide web for the phrase on line conveyancing in Cumberland it shows results of many conveyancersin the area. How do I determine which is the suitable conveyancer for my move?
The best way of finding the right conveyancer is through a personal recommendation, so seek the guidance of colleagues and family who have purchased a property in Cumberland or a respected estate agent or mortgage broker. Fees for conveyancing in Cumberland differ, so it's sensible to obtain a minimum of three estimates from different companies. Make sure that you clarify that the fees are fixed.