I am not well enough to travel far from Dronfield. What is the rationale as to why all Dronfield lawyers aren't automatically on all bank panels?
A decade ago most lenders had an approach to risk which is different from today. The financial regulator in 2010 instigated a thematic review into property fraud which concluded: know the conveyancers on your panel. Accordingly, banks have since looked to extract more data from law firms regarding their processes and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Hundreds of firms have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the criteria of amount of transactions the mortgage companies required.
We are purchasing a brand new duplex in Dronfield and my lawyer is telling me that she has to the mortgage company to reveal incentives from the builder. I am nearing the developer’s deadline to exchange and I don't want to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
At what point will exchange of contracts happen for residential conveyancing in Dronfield and do I need to be at the solicitors branch?
Where you are local to one of the conveyancing solicitors in Dronfield you are welcome to come in to sign the paperwork. However, the lender approved solicitors we work with offer countrywide coverage for conveyancing and provide as equally detailed and professional a job for you when dealing with you digitally. The signing of the contract is not the important part. A signed contract simply enables the firm to address the formalities at the appropriate time, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Dronfield)to be in the office available at the end of the phone to exchange contracts.
There is lots of information on this site regarding conveyancing in Dronfield but what is your top tip for appointing the right conveyancer in Dronfield
Do not opt for the cheapest Dronfield conveyancing fees. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
When it comes to mortgage companies such as RBS, do Dronfield solicitors incur an annual charge to be on the list of approved solicitors?
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.
I am due to exchange contracts on my flat. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Leeds Building Society are being pedantic. The Dronfield solicitor who is on the Leeds Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Leeds Building Society are requiring a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will our conveyancer be asking questions concerning flooding as part of the conveyancing in Dronfield.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Dronfield. There are those who purchase a property in Dronfield, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, but there are a various checks that can be undertaken by the buyer or by their lawyers which can give them a better understanding of the risks in Dronfield. The standard completed inquiry forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the owner to discover if the property has historically flooded. In the event that flooding has previously occurred and is not notified by the owner, then a purchaser could commence a claim for damages stemming from an incorrect response. The buyer’s conveyancers will also conduct an enviro search. This will higlight if there is any known flood risk. If so, further investigations will need to be carried out.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Dronfield is where the house is located. Is there any guidance you can give?
Flying freeholds in Dronfield are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Dronfield you would need to get your solicitor to go 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 Dronfield 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 residence.