I am in the process of selling my flat in Bishopsworth and the estate agent has just e-mailed to warn that the purchasers are appointing a new law firm. The excuse is that the lender will only work with solicitors on their approved list. On what basis would a major mortgage company only deal with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Bishopsworth ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
My fiance and I swapping mortgage lender for our apartment in Bishopsworth with Santander. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have two questions (1) Is this form unique to the Santander conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Santander. This is solely used to protect Santander if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Santander had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
In what way does my ID and proof of funds have anything to do with my conveyancing in Bishopsworth? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the ID of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms of Engagement that you are required to sign should stipulate this. Your lender will also require certain documents to be viewed. If you are unwilling to hand over identification documents, your lawyer would not be able to act for you.
Forgive me if this question is silly but I am unseasoned as FTB of a garden flat in Bishopsworth. Do I receive the keys to the premises on the completion date from my solicitor? If this is the case, I will use a local conveyancing solicitor in Bishopsworth?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the owner’s solicitors, and shortly after the monies have arrived, you will be invited to collect the keys from the selling Agents and start moving into the property. This tends to happen between 1 and 3pm.
I have decided to exercise my right to buy my property in Bishopsworth off the council. I have a mortgage agreed with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Bishopsworth building society branch on various occasions and was advised it wasn't an issue and they will lend. My Bishopsworth conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I simply don't know who is right.
The conveyancer has to follow the Council of Mortgage Lenders’ Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been told that property searches are a common cause of hinderance in Bishopsworth conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Bishopsworth.
I opted to have a survey carried out on a property in Bishopsworth ahead of instructing conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor advised that some mortgage companies may not grant a loan on such a property.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you contact us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bishopsworth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bishopsworth to see if the conveyancing will be more expensive.