My wife and I are looking to buy a flat in Ilfracombe and are in fact using a Ilfracombe conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Nationwide Building Society have this evening contacted us to advise us that they have now hit a problem as our Ilfracombe lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. 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 solicitor 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Ilfracombe lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We note that you have a search directory identifying firms on the TSB conveyancing panel. Do companies pay you a commission if I retain them for our own conveyancing in Ilfracombe?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Ilfracombe.
When scouring moneysavingexpert.com for a cheap solicitor in Ilfracombe, most say that I must instruct a CQS kitemarked lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home moving process, trusted by some of the UK's leading banks. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). CQS is not a scheme offered by the Council of Licensed Conveyancing. Ilfracombe is one of the many areas of the UK where there are Accredited solicitors.
Does a directory service exist listing Lloyds panel solicitors in Ilfracombe on the Council of Mortgage Lender’s Website?
No. There is no such tool on the CML or Building Society Association websites. A small selection of lenders make their panel listings available over the internet. If you are seeking to appoint a Ilfracombe lawyer on the Lloyds please use our facility.
Is it the case that all Ilfracombe conveyancing solicitors on the Nationwide conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nationwide conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. The majority of banks do allow licenced conveyancers on their panel and in such a situation the firms would be regulated by the Council of Licensed Conveyancers.
Two weeks ago we had a mortgage agreed in principle with Aldermore. Ilfracombe conveyancing lawyers are chosen. How long does it take for Aldermore to forward the offer to the property lawyer?
Some lenders take longer than others. Have Aldermore conducted the survey? Have you advised Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Should our solicitor be raising questions about flooding during the conveyancing in Ilfracombe.
The risk of flooding is if increasing concern for solicitors dealing with homes in Ilfracombe. Some people will purchase a house in Ilfracombe, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, but there are a numerous checks that can be initiated by the purchaser or by their lawyers which can give them a better appreciation of the risks in Ilfracombe. The conventional set of property information forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the owner to discover if the premises has suffered from flooding. In the event that the residence has been flooded in past which is not revealed by the vendor, then a buyer may issue a legal claim for losses as a result of such an misleading answer. The buyer’s conveyancers should also conduct an environmental search. This will disclose whether there is any known flood risk. If so, more detailed inquiries will need to be conducted.