I am progressing with the sale of my apartment in Ware and the EA has just called to advise that the purchasers are changing their law firm. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a big named mortgage company only deal with specific solicitors rather the firm that they want to select for their conveyancing in Ware ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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. The buyers are not going to have any sway in the decision.
Our solicitor has discovered a a problem with the lease for the flat we are buying in Ware. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that 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 risk of a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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 property lawyer will have no choice but to discontinue acting for you.
I own a freehold house in Ware but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Ware and has limited impact for conveyancing in Ware but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I have been told that property searches are the number one cause of hinderance in Ware conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Ware.
What does commercial conveyancing in Ware cover?
Non domestic conveyancing in Ware covers a broad range of services, given by qualified solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
As co-executor for the will of my father I am selling a residence in Neath but live in Ware. My conveyancer (approximately 300 miles from mehas requested that I execute a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing solicitor in Ware who can witness this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will suffice regardless of whether they are based in Ware