I am nearing exchange of contracts for my home in Greystones and the EA has just telephoned to say that the buyers are changing their conveyancer. I am told that this is due to the fact that the bank will only deal with property lawyers on their conveyancing panel. Why would a leading lender only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Greystones ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions justify this action to a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. Your purchasers are not going to have any impact on this.
My conveyancer has uncovered a a problem with the lease for the flat we are purchasing in Greystones. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 conveyancer will have no choice but to discontinue acting for you.
My home in Greystones is up for sale and I have accepted an offer. Does my property lawyer need to be required to be on the Lloyds conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Lloyds conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Greystones?
Unless a prior purchase of the premises took place post 12 October 2013 you could expect conveyancing practitioners delivering conveyancing in Greystones to continue to propose a a chancel search and or chancel repair liability insurance.
Just bought a detached house in Greystones , how long will it take for the Land Registry to record my ownership? My Greystones conveyancing solicitor has been very slow, so I want to be sure that my ownership is recorded.
There is nothing unique when it comes to conveyancing in Greystones registration formalities. Rather than based on location, timeframes can vary depending on who lodges the application, whether it is in order and if the Land registry communicate with any interested parties. Currently in the region of 80% of such applications are fully dealt with within two weeks but occasionally there can be longer hold-ups. Historically registration occurs once the purchaser is living at the premises therefore an expedited registration is not always primary concern yet if it is urgent that the the registration takes place urgently then you or your lawyers could contact the land registry and explain the circumstances.
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