I am selling my apartment in Stokenchurch and the estate agent has just called to say that the buyers are appointing a new property lawyer. The excuse is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a major mortgage company only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Stokenchurch ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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 buyers are not going to have any sway in the decision.
My conveyancer has identified a a problem with the lease for the property we are buying in Stokenchurch. The other side have put forward title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must check that the bank is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 conveyancer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Stokenchurch? Is this really warranted?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms and Conditions that you need to sign should reaffirm this. Your lender will also require certain documents to be viewed. Where you refuse to hand over identification documents, your solicitor would not be able to accept instructions from you.
We are close to exchanging contracts on the sale of our house in Stokenchurch and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. A high street Stokenchurch conveyancer would know this is not the case. For the life of me I don't know why the buyers used a nationwide conveyancing firm rather than a conveyancing solicitor in Stokenchurch. We have lived in Stokenchurch for 5 years we know of no issue. Is it a good idea to get in touch with our local Authority to get clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I have been advised by a number of estate agents in Stokenchurch to locate a solicitor using your seach tool. Is there a financial advantage for Estate Agents to promote your lawyers rather than a competitor’s?
We don’t offer any referral fee for sending work in our direction. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
There are a number of properties in Stokenchurch on unadopted lanes. We are purchasing one such house. What would be the advantages and disadvantages of purchasing a property on a private road?
Stokenchurch conveyancing solicitors are well versed in conveyancing propertieson unadopted roads. Your lawyer will investigate Land Registry data to find any rights or liabilities. In many cases there is a management company (wholly owned by residents) that proprietors pay into to maintain the road. If one exists, the road will likely be maintained and appear nicer than council adopted.