I am in the process of selling my home in Southampton and the EA has just telephoned to say that the purchasers are swapping law firm. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a big named lender only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Southampton ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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. Plenty of firms 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. Your purchasers are not going to have any impact on this.
I am hoping to move into my new home in Southampton next Tuesday. My property lawyer now wants me to supply her with evidence 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 does the insurance need to cover?
All property lawyers 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 conditions. These obligations are not limited to conveyancing in Southampton.
We are buying a property and need a conveyancing solicitor in Southampton who is on the Aldermore conveyancing panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Aldermore . We don't recommend any particular firms conducting conveyancing in Southampton.
My fiance and I wish to acquire a 2 bedroom flat in Southampton with a residential mortgage from Platform Home Loans Ltd.We use our Southampton conveyancing solicitor but Platform Home Loans Ltd informed us he's not listed on their "panel". It seems we are left with no choice but to instruct a Platform Home Loans Ltd panel lawyer or keep our local solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Platform Home Loans Ltd use our lawyer?
Unfortunately,no. The home loan offered to you contains various provisions, one of which will be that lawyers must be on the Platform Home Loans Ltd approved list. Until recently, most banks 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Platform Home Loans Ltd
I used Arc property Solicitors a few years past for my conveyancing in Southampton. I now require my file however cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Southampton of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Southampton I like with amenity areas and transport links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Southampton for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.