I am in the process of selling my house in Wiveliscombe and the EA has just telephoned to warn that the buyers are appointing a new property lawyer. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. Why would a major lender only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Wiveliscombe ?
Banks have always had an approved set of law firms they are content to work with, but in the past few 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.
Lenders attribute this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to maintain. 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. 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 buyers are unlikely to have any impact on this.
Our conveyancer has uncovered a defect with the lease for the flat we are buying in Wiveliscombe. The other side have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the bank is content 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 bank are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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.
I require fast conveyancing in Wiveliscombe as I am under an ultimatum to exchange contracts in less than 4 weeks. A home loan is not required. Can I avoid the conveyancing searches to save fees and time?
As you are are a cash buyer you have the choice not to do searches although no lawyer would suggest that you don't. Drawing on our experience of conveyancing in Wiveliscombe the following are instances of issues that can crop up and therefore impact future mortgageability: Enforcement Notices, Outstanding Fees, Overdue Grants, Unadopted Roads,...
Me and my brother own a terraced Victorian house in Wiveliscombe. Conveyancing solicitor acted for me and Bank of Scotland. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wiveliscombe and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing practitioner who conducted the work.
How does conveyancing in Wiveliscombe differ for new build properties?
Most buyers of new build premises in Wiveliscombe come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Wiveliscombe usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Wiveliscombe or who has acted in the same development.
Do I need to be concerned about brokers that I am dealing with are suggesting an online conveyancing firm as opposed to a High Street Wiveliscombe conveyancing company?
As is the case with lots of professional services, often recommendations from family and friends can be extremely useful or valuable. But there are many players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all suggest solicitors to appoint. Sometimes these solicitors might be known to one of the organisations as being good in their field, but sometimes there exists a commercial relationship behind the recommendation. You are free to choose your preferred conveyancer. You need to be aware that some mortgage providers specify a panel list of solicitors you are obliged to use for the lender related work in your house move.