I was told today by my financial adviser that my Wapping the law firm I have appointed is not on the bank Conveyancing panel. What can I do to be sure if this is correct?
Your first step should be to call your Wapping conveyancer. You lawyer should advise you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your mortgage company.
We wanted to use a property lawyer in Wapping for our home move. Our broker has since advised us that our mortgage company Godiva Mortgages Ltd won't deal with them. Why is this not regarded as unduly restrictive?
Mortgage Companies normally imposes restrictions either the category or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the type of firm, a few banks have decided to limit the number of firms they permit to act for them. You should note that Godiva Mortgages Ltd have no responsibility for the quality of advice provided by any member of Godiva Mortgages Ltd Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there remains differing views about the extent of solicitor involvement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near Wapping only execute a couple conveyances per annum.
A relative recommended that where I am purchasing in Wapping I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Wapping conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Wapping around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Wapping.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Wapping is the location of the property. Is there any advice you can give?
Flying freeholds in Wapping are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wapping you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wapping may ascertain 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.
My business partner and I are hoping to take an assignment of a lease of an office on the high street. Can you recommend conveyancers offering no-sale-no costs for non-domestic conveyancing in Wapping for less than 1500k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Wapping, including the sale and purchase of businesses as well as simply property. Whether you are intending to purchase or sell a shop, pub, restaurant, office, retail unit or a whole business we will find you the right firm. As for the fees these will vary based on the structure and nuances of the deal. Let us have your contact information or call so as to enable us to supply you with a detailed commercial conveyancing calculation.
Our conveyancer in Wapping has identified a a legal deficiency with the lease for the apartment we are buying in Wapping. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender 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 lawyer will have no choice but to discontinue acting for you.