I am progressing with the sale of my ground floor flat in Seaburn and the EA has just called to warn that the purchasers are swapping law firm. The excuse is that the lender will only engage with solicitors on their approved list. Why would a big named mortgage company only deal with certain law firms rather the firm that they want to appoint for their conveyancing in Seaburn ?
UK lenders have always had an approved set of law firms that can act for them, 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 worked with them for decades.
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 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. 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. Your purchasers are unlikely to have any impact on this.
As a FTB what is the most important piece of guidance you can give me concerning purchase conveyancing in Seaburn?
You may not hear this from too many lawyers but conveyancing in Seaburn and elsewhere in England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there is an abundance of room for conflict between you and other parties involved in the ownership transfer. E.g., the vendor, estate agent and on occasion the bank. Appointing a solicitor for your conveyancing in Seaburn is a critical decision as your conveyancer is your adviser, and is the ONE person in the legal process whose interest is to act in your best interests and to keep you safe.
On occasion a potential adversary may try and convince you that it is in your interests to do things their way. For example, the property agent may claim to be assisting by suggesting your solicitor is slow. Or your financial adviser may try to convince you to do take action that is contrary to your lawyers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
We are hoping to buy a 2 bedroom apartment in Seaburn with a mortgage from Bank of Ireland.We would like to retain our Seaburn conveyancing lawyer but Bank of Ireland says he's not on their "panel". We have to appoint a Bank of Ireland panel firm or keep our local solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan offered to you is subject to its terms and conditions, one of which will be that solicitors will be on the Bank of Ireland approved list. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Bank of Ireland
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a simple, no chain conveyancing. Seaburn is the location of the property. What do you suggest?
Flying freeholds in Seaburn are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Seaburn you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Seaburn may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Can you offer any advice when it comes to appointing a Seaburn conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Seaburn conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Seaburn conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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Can they put you in touch with clients in Seaburn who can give a testimonial?
Seaburn Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying
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Generally speaking the cost for major works are not included within service charges, although a few managing agents in Seaburn require tenants to contribute towards a reserve fund created for the specific purpose of establishing a fund for major works. How long is the Lease?
My husband and I are buying a 2 bedroom flat in Seaburn. When we first instructed conveyancer, we were told they were on all major UK lender panels. The financial adviser emailed yesterday to say that they don't seem to be on the Clydesdale approved list. If it turns out to be true, what should we do? Do we just find a different conveyancer that is on their panel or should we cover the costs for dual representation, with Clydesdale appointing their own approved lawyer.
If you are buying a property with the assistance of a mortgage it is normal for the buyer’s lawyers to also represent the purchaser's lender. In order to act for a bank or building society a solicitor has to be on that lender's list of approved lawyers. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the conveyancer has to fulfill. Some building societies now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should call Clydesdale to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Clydesdale's conveyancing panel as you are at liberty to use your preferred Seaburn lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another solicitor into the equation.