I am nearing exchange of contracts for my flat in Ongar and the EA has just telephoned to advise that the buyers are appointing a new law firm. The reason given is that the lender will only work with solicitors on their approved list. Why would a big named lender only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Ongar ?
Banks have always had panels of law firms that can act for them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions point to the increase 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 disclose 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 are unaware that 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.
I am hoping to move into my new home in Ongar next Tuesday. My conveyancing practitioner 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 bank. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for lenders 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 requirements are not unique to conveyancing in Ongar.
Do I need to attend the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Ongar so that I can attend their offices when needed.
Whereas this was necessary 15 years ago, most lenders no longer oblige their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to provide identification documents and there are still distinct benefits to using a locally based ayer, in your case a conveyancing solicitor in Ongar.
My wife and I buying a victorian detached house in Ongar. Our aim is to an extension at the rear at the property.Will the conveyancing process involve checks to determine if these works are prohibited?
Your property lawyer should check the deeds as conveyancing in Ongar can on occasion reveal restrictions in the title documents which prevent certain works or need the consent of another owner. Some works call for local authority planning consent and approval under the building regulations. Certain locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be sensible to check these issues with a surveyor before you commit yourself to a purchase.
My lawyer has informed me that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Ongar?
The right level of chancel indemnity insurance depends on your lender. It would differ for example between Lloyds TSB Bank and Barnsley Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
Planning on purchasing a house in Ongar. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Ongar conveyancing practitioner is on the Co-operative conveyancing panel.
Do I need to be wary by 3rd parties that I am dealing with are recommending an internet conveyancing firm rather than a High Street Ongar conveyancing company?
As with many service providers, often input from family and friends can be worth their weight in gold. Yet there are many players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may put forward conveyancers to select. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but occasionally there exists a commercial relationship behind the endorsement. You have the discretion to select your own conveyancer. You need to be aware that most mortgage providers have an approved list of conveyancers you must use for the lender related work in your house move.
I need to instruct a conveyancing solicitor for leasehold conveyancing in Ongar. I have chance upon a web site which looks to be the perfect answer If it is possible to get all formalities done via email that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?