I am selling my house in Chester and the estate agent has just called to say that the purchasers are swapping solicitor. I am told that this is due to the fact that the lender will only deal with property lawyers on their approved list. On what basis would a leading lender only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Chester ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. Your buyers are not going to have any impact on this.
Will our solicitor be raising enquiries concerning flooding as part of the conveyancing in Chester.
Flooding is a growing risk for solicitors dealing with homes in Chester. Some people will purchase a property in Chester, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous checks that can be carried out by the buyer or on a buyer’s behalf which can figure out the risks in Chester. The standard completed inquiry forms sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the owner to find out whether the property has ever been flooded. In the event that flooding has previously occurred which is not notified by the seller, then a purchaser could commence a compensation claim resulting from an misleading answer. The buyer’s solicitors should also commission an environmental report. This should disclose whether there is any known flood risk. If so, additional investigations should be initiated.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Chester is the location of the property. What do you suggest?
Flying freeholds in Chester are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chester 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 Chester may decide 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 premises.
My cousin has suggested that I use his conveyancers in Chester. Should I find my own solicitor?
Much as we are happy to recommend a Chester conveyancing lawyer the ideal way to select a conveyancing practitioner is to seek referrals from friends or family who have experience in using the solicitor you're are thinking of instructing.
When it comes to leasehold conveyancing in Chester what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Chester. Most leases are unique and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
-
Insurance obligations A provision to repair to or maintain elements of the property
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
Chester Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying
-
Are any of leasehold owners in dispute over their service charge payments? Best to be warned if changing the roof or some other significant cost is anticipated to be shared by the leaseholders and may well dramatically impact the level of the service fees or necessitate a specific invoice. Does the lease include onerous restrictions?
Do online conveyancing organisations cover everything a high street Chester solicitor does or must I use a solicitor for the final stages for my conveyancing in Chester?
If you instruct an online conveyancer they should cover all the tasks your Chester conveyancer will cover.