FAQs for the Capital Home Loans Conveyancing Panel from members of the public
My financial adviser has informed me that I have to pay Capital Home Loans fees if I use my own solicitor. How good are the Capital Home Loans conveyancing panel solicitors? I dont care which law firm I use provided that they are good and not exorbitantly priced. Are there any Capital Home Loans conveyancers you'd recommend?
Capital Home Loans’s conveyancing panel is substantial so it would be advisable to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that Capital Home Loans will allow to act for them.
Expecting to complete my purchase next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Capital Home Loans. What does the insurance need to cover?
Any lawyer on the Capital Home Loans conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Capital Home Loans’s Part 2 requirements of the CML Handbook (last updated on Capital Home Loans). Being on the Capital Home Loans conveyancing panel your lawyer is expect to follow these instructions.
How do I search for a local solicitor on the Capital Home Loans conveyancing panel? I have a car and am prepared to travel up to 20 miles to meet the solicitor.
Feel free to make use of the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Capital Home Loans solicitor panel.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Capital Home Loans Solicitor panel in advance of completion?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
is it true that all solicitors on the Capital Home Loans conveyancing panel overseen by the SRA?
As solicitors, in order to be on the Capital Home Loans conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Capital Home Loans on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Capital Home Loans conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Capital Home Loans. Unless your lawyer obtains specific confirmation in writing that Capital Home Loans will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Capital Home Loans to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
Intending to buy a flat with a mortgage with Capital Home Loans. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Capital Home Loans conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Capital Home Loans conveyancing panel