My husband and I are looking to acquire a flat in Hackney Wick and are in fact using a Hackney Wick conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. have this afternoon contacted us to advise us that they have now hit a problem as our Hackney Wick solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors 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 mortgage company 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 and you may continue to use your own Hackney Wick solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We note that you have a search directory listing solicitors on the conveyancing panel. Do firms pay you a referral fee if I retain them for our own conveyancing in Hackney Wick?
We are a listing service only for law firms wishing to communicate if they are on the conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Hackney Wick.
Are all Hackney Wick Conveyancing Quality Solicitors on the conveyancing panel?
It is true that some banks and building societies now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
Can I be sure that the Hackney Wick conveyancing solicitor on the panel is any good?
When it comes to conveyancing in Hackney Wick seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor conducting your transaction.
I am currently in the process of buying my council flat in Hackney Wick. I have a mortgage offer with . Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with , you will need to appoint a solicitor on the conveyancing panel.
I have been told that property searches are a common reason for delay in Hackney Wick conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Hackney Wick.
I opted to have a survey done on a house in Hackney Wick prior to appointing lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies may not issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hackney Wick. Conveyancing will be smoother if you use a solicitor in Hackney Wick especially if they regularly deal with such properties in Hackney Wick.