I am one month into the sale of my home in Frant and the estate agent has just telephoned to warn that the buyers are changing their solicitor. The reason given is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Frant ?
Lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks blame a rise in fraud by way of justification for the pruning – 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 being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
My brother-in-law has suggested I instruct a conveyancing solicitor in Frant. I need to find out if they are accepted on the Virgin Money approved list of lawyers. Can you advise?
The first thing you should do is e-mail your lawyer and ask them if they are on the lender panel. Alternatively you should call Virgin Money who may be able to help.
Will our solicitor be making enquiries about flooding as part of the conveyancing in Frant.
Flooding is a growing risk for lawyers dealing with homes in Frant. Plenty of people will purchase a property in Frant, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a number of checks that may be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Frant. The conventional set of completed inquiry forms supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the seller to discover whether the premises has suffered from flooding. If the premises has been flooded in past and is not disclosed by the owner, then a purchaser may bring a claim for damages stemming from an misleading response. The buyer’s conveyancers will also order an environmental search. This should reveal whether there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
I am buying a new build apartment in Frant. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Frant
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Frant is the location of the property. What do you suggest?
Flying freeholds in Frant are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Frant you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Frant 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.
Should I appoint a Frant conveyancing practitioner who is local to the property I am purchasing? An old friend can execute the legal formalities but her office is 300miles drive away.
The primary upside of using a high street Frant conveyancing practice is that you can attend the office to sign paperwork, deliver your ID and apply pressure on them if necessary. They will also have local knowledge which is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and on the whole were content that should trump using an unknown Frant conveyancing lawyer solely due to them being based in the area.