I am progressing with the sale of my house in Markyate and the EA has just telephoned to advise that the purchasers are switching solicitor. The excuse is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a major mortgage company only work with certain law firms rather the firm that they want to choose to handle their conveyancing in Markyate ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to reveal 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. 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 purchasers are not going to have any sway in the decision.
Please help. My Markyate solicitor is advising me that she is duty bound toapply for Markyate conveyancing searches resulting from the fact thatthe firm are on the Nat Westapproved lawyer panel. Is my lawyer right?
You have limited options available to you. As you are obtaining a mortgage with a mortgage company your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Markyate conveyancing searches.
Do banks and building societies provide you with an approved list of Markyate conveyancing solicitors? How do you know who is on the Principality conveyancing panel?
Markyate conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
We are buying a detached bungalow in Markyate. Our aim is to carry out a loft conversion at the property.Will the conveyancing process involve investigations to see if these works are allowed?
Your solicitor will review the registered title as conveyancing in Markyate can occasionally reveal restrictions in the title documents which prevent certain works or necessitated the permission of a 3rd party. Some additions call for local authority planning permissions and approval in compliance with building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these issues with a surveyor prior to committing yourself to a purchase.
Does a directory service exist listing Leeds Building Society panel solicitors in Markyate on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. Very few lenders make their panel listings open the public over the internet. If you are seeking to appoint a Markyate conveyancer on the Leeds Building Society please use our facility.
We have agreed to purchase a house in Markyate. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
Given that you are obtaining a mortgage with Virgin Money your lawyer must comply with the conveyancing instructions contained in Part 2 of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook contains minimum conditions for solar panel roof-space leases, and solicitors are required to report to Virgin Money where a lease fails to comply with these specifications. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Markyate.
What does a local search inform me regarding the house we're purchasing in Markyate?
Markyate conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations for example Searches UK The local search plays an important part in most Markyate conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search should reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
Am I better off to choose a Markyate conveyancing lawyer based in the area that I am hoping to buy? I have an old university friend who can execute the conveyancing however his firm is located 300miles away.
The primary upside of using a local Markyate conveyancing practice is that you can pop in to execute paperwork, hand in your identification documents and pester them where appropriate. Having local Markyate know how is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and in the main were content that should surpass using an unknown Markyate conveyancing lawyer just because they are based in the area.