My wife and I have recently purchased a property in Ely. We have since encountered a number of problems with the house which we suspect were overlooked in the conveyancing searches. Do we have any recourse? What searches should? have been conducted for conveyancing in Ely?
The question is not clear as to the nature of the problems and if they are specific to conveyancing in Ely. Conveyancing searches and due diligence initiated during the buying process are designed to help avoid problems. As part of the process, a property owner answers a form known as a SPIF. If the information provided is misleading, then you may have a claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Ely.
My fiance and I intend to purchase a 1 bedroom apartment in Ely with a mortgage from National Westminster Bank.We would like to retain our Ely conveyancing lawyer but National Westminster Bank advised that his firm is not listed on their approved list of member firms. It seems we have no choice but to instruct a National Westminster Bank panel lawyer or keep our local solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan issued to you is subject to its terms and conditions, a common one being that conveyancers needs to be on the National Westminster Bank approved list. 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 National Westminster Bank
My friend recommended that where I am purchasing in Ely I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Ely conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Ely around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Ely Education with maps and statistics, Local Amenities and other useful information concerning Ely.
I decided to have a survey done on a property in Ely ahead of retaining lawyers. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies tend refuse to grant a mortgage on a flying freehold home.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ely. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ely to see if the conveyancing will be more expensive.
My step-father has recommend that I instruct his conveyancing solicitors in Ely. Should I choose my own solicitor?
There are no two ways about it the best way to find a conveyancing practitioner is to seek recommendations from friends or relatives who have used the conveyancer that you are are thinking of instructing.
My son is about to join the property ladder, the home loan was agreed last week in principle. One the seller agreed the offer on the apartment we rang the bank to progress the mortgage application. I was disappointed to hear that mortgage lenders do not accept all conveyancing practitioner, they need to be on their approved list, is this legal?
Banks tend to restrict either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Ely property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.