I am in the process of selling my flat in Caversham Heights and the EA has just text me to warn that the purchasers are appointing a new property lawyer. The reason given is that the bank will only work with solicitors on their conveyancing panel. On what basis would a major mortgage company only engage with specific lawyers rather the firm that they want to select for their conveyancing in Caversham Heights ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders attribute this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened 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. Some do not even realise 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.
My partner and I swapping mortgage lender for our penthouse in Caversham Heights with Co-operative. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have two concerns (1) Is this form unique to the Co-operative conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Co-operative conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Co-operative. This is solely used to protect Co-operative if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Co-operative had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
It is a dozen years since I acquired my home in Caversham Heights. Conveyancing solicitors have recently been retained on the sale but I can't find the title documents. Is this a problem?
Don’t worry too much. Firstly there is a possibility that the deeds will be retained by the lender or they could be in the possession of the conveyancers who oversaw the purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining up to date copy of the land registers. The vast majority of conveyancing in Caversham Heights involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is resolvable.
I happen to be the only beneficiary of my late mum's estate and I have everything in my name now, including the house in Caversham Heights. Conveyancing formalities meant that the Land Registry date was in November. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship may be regarded the same way as if I'd bought the property in November. Is the property unsalable for six months?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. many banks would take a pragmatic view as this obligation is primarily there to identify subsales or the flipping of properties.
My wife and I have organised the release of further monies on our mortgage from RBS as we wish to conduct alterations to our house in Caversham Heights. Are we obliged to choose a bricks and mortar Caversham Heights solicitor on the RBS conveyancing panel to handle the paperwork?
RBS do not ordinarily instruct a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS conveyancing panel.
I have paid off my mortgage with UBS. I assume I don't need a Caversham Heights lawyer on the UBS panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your UBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the UBS mortgage from the register. UBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
How do I locate a Caversham Heights law firm on the The Royal Bank of Scotland conveyancing panel? I drive a motor bike and am prepared to travel upto 20miles to meet the conveyancer.
You can use the facility on this page. Please select a lender and your location and you will see a number of Caversham Heights conveyancing lawyers locally. We have detailed some Caversham Heights conveyancing firms towards the end of this page and you can call them to verify if they are on the The Royal Bank of Scotland member panel