My partner and I are hoping to acquire a house in Isle Of Wight and have instructed a Isle Of Wight conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. TSB have this evening contacted us to advise us that they have now hit a problem as our Isle Of Wight conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also represent 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 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Isle Of Wight solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I am looking to buy a property and need a conveyancing solicitor in Isle Of Wight who is on the Platform Home Loans Ltd conveyancing. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Platform Home Loans Ltd in certain locations such as Isle Of Wight. We dont recommend any particular firm.
Is it correct that all Isle Of Wight CQS (Conveyancing Quality Scheme) solicitors are on the Nottingham conveyancing panel?
A selection of banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
My wife and I are in the throws of viewing flats in Isle Of Wight and I am about to put in an offer. Should I already have a solicitor in place at this point? I am planning to take a home loan with UBS.
It would be prudent to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. As you are taking out a mortgage with UBS, ask your prospective lawyers if they are on the UBS conveyancing panel otherwise they can't do the mortgage legal work.
I have a mortgage with Principality for my property in Isle Of Wight. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
You must advise Principality prior to letting out your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel solicitor.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when buying a residence in Isle Of Wight?
Unless a previous purchase of the premises took place post 12 October 2013 you could assume that solicitors handling conveyancing in Isle Of Wight to continue to propose a a chancel search and or chancel repair liability insurance.
Are there any apps to help identify a Isle Of Wight solicitor on the HSBC Bank conveyancing panel? I drive a motor bike and am willing to travel upto 20kilometers to meet the solicitor.
Feel free to make use of the tool on this page. Please choose the mortgage company and your location and you will see a number of Isle Of Wight conveyancing lawyers locally. We have listed some Isle Of Wight conveyancing firms towards the end of this page and you can ring them to see if they are on the HSBC Bank member panel