I am nearing exchange of contracts for my house in Maryland and the EA has just text me to say that the buyers are appointing a new property lawyer. The reason given is that the lender will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only work with certain law firms rather the firm that they want to appoint to handle their conveyancing in Maryland ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to oversee. No lender will say 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. Some 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 sway in the decision.
I am hoping to complete my purchase in Maryland next Monday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not specific to conveyancing in Maryland.
I have been told that property searches are the number one reason for stalling in Maryland conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Maryland.
Have purchased a a terraced house in Maryland , What is the estimated time for the Land Registry to record the transfer to my name? My Maryland conveyancing solicitor has been very slow, so I want to be sure the land registry aspects are addressed.
As far as conveyancing in Maryland registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timeframes can differ depending on who lodges the application, whether it is in order and whether the Land registry communicate with any interested parties. As of today in the region of 80% of such applications are fully addressed within 12 days but some can be subject to extensive hold-ups. Registration is effected once the buyer is living at the premises thus an expedited registration is not usually primary concern but if it is urgent that the the registration takes place urgently then you or your solicitor could communicate with the Registry to express the reasoning for an expedited registration.
In what way can the Landlord & Tenant Act 1954 affect my commercial premises in Maryland and how can you help?
The 1954 Act provides a safeguard to business leaseholders, granting the dueness to apply to court for a new lease and continue in occupation at the end of the lease term. There are limited grounds that a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act for protection and assist with commercial conveyancing in Maryland
I am thinking of appointing a conveyancing practitioner in Maryland for my sale. Can I see a solicitor's complaints history with the profession’s regulator?
Members of the public can see published Solicitor Regulator Association (SRA) decisions arising from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For details about the period before 1 January 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The SRA sometimes monitor telephone calls for training requirements.