My husband and I are planning to acquire a property in Princes Risborough and have appointed a Princes Risborough conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Barnsley Building Society have this morning contacted us to advise us that there is now an issue as our Princes Risborough lawyer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property with the assistance of a mortgage it is usual for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Princes Risborough lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My solicitor has discovered a a problem with the lease for the property we are buying in Princes Risborough. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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 property lawyer will have no choice but to discontinue acting for you.
We are buying a property and need a conveyancing solicitor in Princes Risborough who is on the Lloyds approved panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Lloyds . We don't recommend any particular firms conducting conveyancing in Princes Risborough.
Will our lawyer be raising enquiries regarding flooding during the conveyancing in Princes Risborough.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Princes Risborough. There are those who buy a house in Princes Risborough, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a various searches that can be initiated by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Princes Risborough. The standard property information forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the owner to discover if the premises has historically flooded. If the residence has been flooded in past which is not notified by the owner, then a buyer may bring a compensation claim stemming from an inaccurate reply. The purchaser’s conveyancers will also carry out an environmental search. This should disclose if there is a recorded flood risk. If so, more detailed inquiries should be carried out.
Due to the input of my in-laws I had a survey completed on a property in Princes Risborough ahead of appointing lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some banks may not issue a mortgage on this type of premises.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. If you contact us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Princes Risborough. Conveyancing may be slightly more expensive based on your lender's requirements.
What is the reason for new build conveyancing in Princes Risborough being more expensive?
Conveyancing in Princes Risborough for recently converted or new build homes often involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further queries and contractual concerns.