I am selling my flat in Allenton and the EA has just text me to warn that the purchasers are switching solicitor. The reason given is that the lender will only engage with solicitors on their approved list. Why would a major mortgage company only deal with certain solicitors rather the firm that they want to select to handle their conveyancing in Allenton ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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 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. Your buyers are not going to have any impact on this.
We are buying a newly constructed apartment in Allenton and my solicitor is telling me that she has to the lender to reveal incentives from the builder. I am under pressure to exchange contracts and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My wife and I are planning on selling our property in Allenton and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any local lawyer would know this is not the case. For the life of me I don't know why the buyers are using an online conveyancing firm rather than a conveyancing solicitor in Allenton. Having lived in Allenton for three years we know that this is a non issue. Do we contact our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
The estate agent has sent us the confirmation of our purchase of a new build apartment in Allenton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Allenton
-
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I opted to have a survey carried out on a house in Allenton before retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some lenders tend not issue a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to telephone us we can investigate further via 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 Allenton. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking for a conveyancing practitioner in Allenton for my home move. Is there any facility to review a firm’s record with the profession’s regulator?
Members of the public can search for documented Solicitor Regulator Association (SRA) determinations resulting from investigations started on or after 1 January 2008. Visit Check a solicitor's record. For details Pre 2008, or to check a solicitors history, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training reasons.