I am nearing exchange of contracts for my house in Angel and the EA has just called to warn that the buyers are changing their solicitor. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a big named lender only work with certain law firms rather the firm that they want to appoint for their conveyancing in Angel ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. The buyers are unlikely to have any impact on this.
The Angel conveyancing firm handling our Angel conveyancing has identified a difference between the surveyor’s assumptions in the valuation survey and what is revealed within the conveyancing documents. My lawyer says that he is obliged to check that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s approach legitimate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Why do I have to pay up front for my conveyancing in Angel?
Where you are retaining lawyers for conveyancing in Angel your lawyer will request that you to provide them with monies to cover the the cost of the conveyancing searches. Normally this is asked for to cover the fees of the Local Authority Search. When the deposit is payable against the total price then this will be required shortly ahead of exchange of contracts. The closing balance that is due should be transferred shortly before completion.
We are selling our property in Angel and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any high street Angel lawyer would know that there is no such problem. It does beg the question why the purchasers instructed a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Angel. Having lived in Angel for many years we know that this is a non issue. Should we contact our local Authority to get confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You need to 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)
I decided to have a survey completed on a property in Angel prior to retaining lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some lenders will refuse to issue a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you contact us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Angel. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I choose a Angel conveyancing lawyer in close proximity to the house I am buying? We have a good friend who can carry out the conveyancing but his firm is located 300miles drive away.
The benefit of a high street Angel conveyancing practice is that you can pop in to execute paperwork, present your identification documents and apply pressure on them where appropriate. Having local Angel know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and in the main were happy that should outweigh using an unknown Angel conveyancing solicitor solely due to them being local.