Unfortunately I am unable to travel far from Highcliffe. What is the rationale as to why all Highcliffe property lawyers aren't automatically on all mortgage company panels?
Lenders normally impose restrictions on either the type or volume of conveyancing practices on their panel. A common example of such restriction(s) being that a organisation needs to have two or more partners. In addition to restricting the structure of firm, some banks made a decision to restrict the number of practices they permit to represent them. You should note that lenders have no liability for the accuracy of conveyancing supplied by any Highcliffe property lawyer on their approved list. Increases in mortgage fraud was the key driver in the reduction of solicitor panels a few years ago even though there are conflicting assessments concerning the extent of solicitor involvement in some of that fraud. Data from HMLR exposes that thousands of conveyancing firms only carry out a couple of conveyances a year. Those vindicating conveyancing panel culls ask why conveyancing firms should have the right to be listed on a lender panel when it is apparent that conveyancing is not their primary expertise?
The owners have rather pushy vendors who has insisted on a exclusivity contract with a deposit 10k. Is it wise to enter into such agreements?
There are two main downsides with signing a lock out agreement (sometimes referred to as a shut-out contract) is that it can distract from progressing with the conveyancing process, so unless it requires little or no negotiation then it could turn out to be unhelpful. It is not strongly advocated amongst Highcliffe conveyancing lawyers for this reason. A further negative is the extent of the remedies available - an aggrieved buyer is not likely to secure an injunctive ruling by a court to prohibit the owner completing the sale to a third party, so the only remedy open via the contract will be the reimbursement of wasted costs and, in rare scenarios, the additional payment of penalties.
Our lender has recommended solicitors on their panel based in Highcliffe but I would rather use a conveyancing lawyer in Highcliffe round the corner to me. Can you assist?
It is by no means the case that all Highcliffe conveyancing solicitors are approved and listed on all lender’s conveyancing panel. Do make use of our find an approved solicitor tool to find a Highcliffe conveyancing conveyancer on the on the lender panel.
Given that I will soon part with £400,000 on a two bedroom apartment in Highcliffe I would like to have a conversation with the lawyer about myhouse move prior to appointing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you liaising with the conveyancer due to be carrying out your property ownership legalities in Highcliffe.There is no ‘factory style conveyancing’ - each client is an important individual, not a file number. The practices that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Highcliffe should be the amount on the final invoice that you are charged.
Am I best advised to instruct a Highcliffe conveyancing solicitor in close proximity to the house I am purchasing? We have a good friend who can execute the legal work but they are based 400kilometers away.
The primary upside of using a local Highcliffe conveyancing practice is that you can pop in to execute documents, hand in your identification documents and pester them if necessary. Having local Highcliffe know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and in the main were content that must outweigh using an unknown Highcliffe conveyancing lawyer just because they are Highcliffe based.
Our lawyer in Highcliffe has discovered a a problem with the lease for the apartment we are buying in Highcliffe. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will 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 lawyer will have no choice but to discontinue acting for you.