I am nearing exchange of contracts for my ground floor flat in Berrylands and the estate agent has just telephoned to say that the buyers are switching conveyancer. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Berrylands ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
We have rather assertive sellers who has insisted on a lock out agreement with a down payment two thousand pounds. Are such agreements sensible?
This kind of arrangement is unusual in Berrylands, conveyancers will often try and steer clients away from them as they detract from the primary objective, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. In addition, there is no assurance that just because the seller has executed an exclusivity agreement they will complete the sale with you. They may be motivated to break the agreement if they receive sufficient offer to do so because an aggrieved purchaser with the benefit of a exclusivity agreement will still be obliged establish consequential losses from the breach and these may not amount to the financial upside that the owner may gain by reneging on the contract, however morally unworthy it undoubtedly is.
we are a couple who are hoping to buy a 2 bedroom flat in Berrylands with a residential mortgage from Accord Mortgages Ltd.We have a Berrylands conveyancing solicitor but Accord Mortgages Ltd says her practice is not listed on their approved list of firms. It seems we have little choice but to instruct a Accord Mortgages Ltd panel lawyer or retain our high street solicitor and fork out for a Accord Mortgages Ltd panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan issued to you is subject to its terms and conditions, a common one being that lawyers will be on the Accord Mortgages Ltd conveyancing panel. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Accord Mortgages Ltd
When it comes to lenders such as RBS, do Berrylands property lawyers have to pay a fee to be on the conveyancing panel?
We are unaware of any bank fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
Is there a list of Santander panel solicitors in Berrylands on the Building Society Association’s Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association websites. A small selection of lenders make their panel listings viewable over the internet. If you are in need of a Berrylands conveyancing practitioner on the Santander please use our facility.
Having digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Berrylands solicitor - who is on the Co-operative conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Berrylands surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one round the corner in Berrylands I like with amenity areas and transport links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Berrylands suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan that many years may be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
Is it true that a Berrylands conveyancing company got sued by a client for not carrying out comprehensive conveyancing investigations?
We are not aware of such a Berrylands conveyancing claim but it has been reported that, a couple acquiring a property elsewhere in England successfully sued their conveyancing practitioner due to development plans to erect a wind farm failing to be identified in conveyancing searches.
If you are thinking of buying a home in Berrylands It is critical that your property lawyer purchase all Berrylands conveyancing searches needed to ensure you have accurate and up to date information ahead of buying a property.