I am in the process of selling my maisonette in Walsingham and the estate agent has just text me to warn that the buyers are appointing a new solicitor. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. Why would a big named mortgage company only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Walsingham ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies justify this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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. Plenty of firms 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 not going to have any impact on this.
My brother-in-law has suggested I instruct a conveyancing solicitor in Walsingham. I need to find out whether they are on the Nationwide Building Society approved list of lawyers. Can you advise?
You should call the conveyancer and ask them if they are on the lender panel. Alternatively you can get in touch with Nationwide Building Society who may be able to assist.
Should my conveyancer be making enquiries about flooding as part of the conveyancing in Walsingham.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Walsingham. There are those who acquire a house in Walsingham, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, but there are a number of checks that can be carried out by the buyer or by their conveyancers which will give them a better appreciation of the risks in Walsingham. The standard information supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to determine if the property has historically flooded. In the event that the premises has been flooded in past which is not disclosed by the seller, then a purchaser could bring a compensation claim resulting from an incorrect reply. The buyer’s solicitors may also conduct an enviro search. This will higlight if there is a recorded flood risk. If so, further inquiries will need to be carried out.
Due to the encouragement of my in-laws I had a survey completed on a property in Walsingham ahead of instructing solicitors. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some lenders tend refuse to grant a mortgage on this type of house.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. If you e-mail us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Walsingham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Walsingham to see if the conveyancing will be more expensive.
Am I better off to use a Walsingham conveyancing lawyer in close proximity to the house I am hoping to buy? We have a good friend who can execute the conveyancing but they are based 200miles drive away.
The benefit of a local Walsingham conveyancing firm is that you can visit the firm to sign paperwork, present your identification documents and apply pressure on them where appropriate. They will also have local insight which is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and they were impressed that should outweigh using an unfamiliar Walsingham conveyancing solicitor just because they are local.
Are the Walsingham conveyancing lawyers identified as being on the mortgage company conveyancing panel, together with their details provided by the lender?
Walsingham law firm practices and firms carrying out conveyancing in Walsingham themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the bank directly.