My husband and I are planning to acquire a home in Long Buckby and are in fact using a Long Buckby conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Scotland have this evening contacted us to advise us that they have now hit a problem as our Long Buckby conveyancer is not on their conveyancing panel. What do we do from here?
Where you are buying a property with the assistance 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 Quality Scheme. Your solicitor should contact your bank 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 Long Buckby lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
What does my ID and proof of funds have anything to do with my conveyancing in Long Buckby? What am I being asked for?
Long Buckby conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under money laundering regulations to check the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Confirmation of source of funds is also required under the money laundering laws as solicitors are required to ensure that the funds you are utilising to acquire a property (whether it be the deposit for exchange or the full purchase price if you are buying without a mortgage) has come from legitimate source (such as an inheritance) as opposed to the proceeds of criminal behaviour.
I am purchasing a semi-detached house in Long Buckby. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Long Buckby you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Long Buckby.
Is it the case that all Long Buckby conveyancing solicitors on the Bank of Ireland conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Bank of Ireland conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. The majority of lenders do allow licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
We have agreed to purchase a house in Long Buckby. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Barclays be concerned?
As you are obtaining a mortgage with Barclays your lawyer must check the formal instructions contained in Part 2 of UK Finance Lenders’ Handbook for Barclays. The CML Handbook sets out minimum provisions for solar panel roof-space leases, and solicitors are required to report to Barclays where a lease does not satisfy these requirements. The provisions relate to the installation of panels on properties nationwide and is not isolated to Long Buckby.
After weeks of negotiation I have agreed a price on a house in Long Buckby. My financial adviser recommended their conveyancers. I paid an on account payment of £150. Not long after, the lawyer contacted me to say that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Am I better off to go with a Long Buckby conveyancing practitioner in close proximity to the house I am hoping to buy? We have a good friend who can conduct the conveyancing however his firm is located approximately 350miles drive away.
The benefit of a high street Long Buckby conveyancing practice is that you can drop in to sign documents, deliver your ID and apply pressure on them where appropriate. Having local Long Buckby know how is a bonus. However it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and on the whole were happy that should outweigh using an unknown Long Buckby conveyancing solicitor solely due to them being Long Buckby based.