Much to our surprise we have been notified by our mortgage broker that my Market Deeping lawyer is not on the mortgage company Conveyancing panel. What can I do to be certain whether this is indeed the case?
The first thing you need to do is to call your Market Deeping lawyer directly. You lawyer should advise you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your mortgage company.
Our solicitor has identified a a problem with the lease for the apartment we are buying in Market Deeping. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
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 lawyer must comply with the UK Finance Lenders’ Handbook specifications. 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.
I am considering applying for a Yorkshire BS mortgage for purchase of a new build (under development) in Market Deeping with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Yorkshire BS ?
In theory, you could use a solicitor that is not on the Yorkshire BS conveyancing panel, but Yorkshire BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Will commercial conveyancing searches reveal impending roadworks that could impact a commercial land in Market Deeping?
Many commercial conveyancing solicitors in Market Deeping will execute a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Market Deeping. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Market Deeping.
For every commercial conveyancing transaction in Market Deeping it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to Market Deeping commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not ordered for residential conveyancing in Market Deeping.
How does conveyancing in Market Deeping differ for new build properties?
Most buyers of new build property in Market Deeping contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Market Deeping typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Market Deeping or who has acted in the same development.
I'm selling a flat in Market Deeping. I can find my conveyancer's company on the Law Society's list, but I can't locate my lawyer's name as listed on the regulator's website. Should I be concerned?
Not all staff in the law firm must be listed by the regulator. As long there is a manager qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unlicensed staff.