I am selling my home in Summerhill and the EA has just called to warn that the purchasers are switching conveyancer. The excuse is that the bank will only work with property lawyers on their conveyancing panel. Why would a major lender only engage with specific law firms rather the firm that they want to select for their conveyancing in Summerhill ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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. Your purchasers are unlikely to have any sway in the decision.
I am hoping to move into my new home in Summerhill next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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?
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 Part 2 requirements. These obligations are not specific to conveyancing in Summerhill.
Why is leasehold purchase conveyancing in Summerhill is more expensive?
Summerhill leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am buying a property and the lawyer has raised the issue of Chancel Repair for which the house could be obligated to contribute to given it’s proximity to the area of such a church. She has suggested insurance. Is this strictly appropriate for conveyancing in Summerhill
Unless a prior acquisition of the premises completed after 12 October 2013 you could take it that conveyancing practitioners delivering conveyancing in Summerhill to remain recommending a chancel search and or chancel repair liability insurance.
Am I best advised to use a Summerhill conveyancing practitioner who is local to the property I am hoping to buy? We have a good friend who can conduct the conveyancing but they are based approximately 350kilometers drive away.
The benefit of a local Summerhill conveyancing firm is that you can attend the office to sign documents, hand in your ID and pester them where appropriate. Having local Summerhill know how is a benefit. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and the majority were impressed that must surpass using an unfamiliar Summerhill conveyancing solicitor solely due to them being round the corner.
My lawyers in Summerhill have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.