Unfortunately I am unable to travel far from Beaconsfield. I would like to know the understand why all Beaconsfield solicitors aren't included on all mortgage company panels?
Mortgage companies point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. This led to banks and building societies culling a number of firms off their books of approved property lawyers .
Our lawyer has uncovered a a problem with the lease for the flat we are buying in Beaconsfield. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must ensure that the bank is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
A relative advised me that where I am buying in Beaconsfield I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Beaconsfield conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Beaconsfield around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Beaconsfield Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Beaconsfield Education with maps and statistics, Local Amenities and other useful data about Beaconsfield.
Me and my brother own a terraced Victorian property in Beaconsfield. Conveyancing lawyer acted for me and The Mortgage Works. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Beaconsfield and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with the conveyancing practitioner who conducted the purchase.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Beaconsfield is the location of the property. Is there any guidance you can impart?
Flying freeholds in Beaconsfield are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Beaconsfield you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Beaconsfield may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
In my capacity as executor for the will of my uncle I am selling a residence in Cardiff but I am based in Beaconsfield. My conveyancer (based 235 kilometers from merequires that I execute a stat dec ahead of the transaction finalising. Could you suggest a conveyancing lawyer in Beaconsfield who can attest and place their company stamp on the document?
strictly speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will suffice regardless of whether they are Beaconsfield based