Is the fact that my solicitor in Wigston is not on my bank's conveyancing panel that there is a problem with the quality of the firm’s conveyancing?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Wigston conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
My conveyancer has discovered a a problem with the lease for the apartment we are buying in Wigston. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your solicitor 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 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 solicitor 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 Wigston? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Wigston. However these days you can not complete any conveyancing process without first supplying proof of your identity. This usually takes the form of a either your passport or driving licence and a utility bill. Please note that if you are providing your driving licence as evidence of ID it must be both the paper element as well as the photo card part, one is not acceptable in the absence of the other.
Proof of your origin of money is mandated in accordance with the Money Laundering Regulations. Please do not be offended when you are asked to produce this as your lawyer will need to retain this information on file. Your Wigston conveyancing solicitor will require evidence of proof of funds prior to accepting any monies from you into their client account and they should also ask further queries regarding the source of funds.
Will our solicitor be making enquiries about flooding during the conveyancing in Wigston.
Flooding is a growing risk for conveyancers specialising in conveyancing in Wigston. Some people will purchase a house in Wigston, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a number of searches that may be initiated by the purchaser or by their lawyers which should give them a better appreciation of the risks in Wigston. The conventional set of completed inquiry forms sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to discover whether the property has historically flooded. If the property has been flooded in past which is not disclosed by the vendor, then a purchaser may bring a legal claim for losses resulting from an incorrect reply. The buyer’s conveyancers will also order an enviro search. This should higlight if there is any known flood risk. If so, further inquiries should be made.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Wigston is the location of the property. Is there any advice you can impart?
Flying freeholds in Wigston are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wigston you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wigston 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.
I am a sole trader wishing to take an assignment of a lease of a shop on the high street. Can you recommend solicitors offering no-move-no charges for non-domestic conveyancing in Wigston for less than £1,200?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Wigston, including the disposal and purchase of businesses as well as simply property. If you are intending to acquire or lease a shop, pub, restaurant, office, retail premises or a whole business we will find you the right firm. As for the costs these will vary based on the structure and nuances of the deal. Let us have your contact information or email us so that we may supply you with comprehensive commercial conveyancing quote.