I am in the process of selling my flat in Filey and the EA has just telephoned to advise that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their approved list. Why would a leading lender only engage with certain lawyers rather the firm that they want to select for their conveyancing in Filey ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks justify this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose 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. Some 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.
Our conveyancer has discovered a defect with the lease for the apartment we are buying in Filey. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer has advised that he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
Will conveyancers request money on account for conveyancing in Filey?
Where you are retaining lawyers for conveyancing in Filey your lawyer will ask you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is payable against the sale price then this should be needed shortly ahead of exchange of contracts. The final balance that is due should be transferred shortly before completion.
I am assisting my sister sell her flat in Filey. Does the conveyancer commission the energy performance certificate or it is for the owner to coordinate?
After the abolition of Home Information Packs, energy performance certificates was maintained a compulsory part of moving house. An EPC should be commissioned in advance of the property being placed on the market. This is not as aspect of the sale process that conveyancers ordinarily organise. Where you are instructing a Filey conveyancing practitioner they may help arrange energy assessments due to their contacts with long established local accredited person
is it true that all Filey solicitor practices on the Skipton conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Skipton approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. The majority of lenders do list licenced conveyancers on their panel and in that case the organisation would be overseen by the Council of Licensed Conveyancers.
I currently have a mortgage with Leeds Building Society for my property in Filey. Conveyancing has been completed 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
Leeds Building Society must be informed of your intention in advance of renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. You need not do this via a Leeds Building Society conveyancing panel solicitor.
I have todayfound out that Wolstenholmes have closed. They carried out my conveyancing in Filey for a purchase of a leasehold apartment 18 months ago. How can I be sure that my home is not still registered in the name of the former proprietor?
The easiest method to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Filey conveyancing specialists.
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