I am progressing with the sale of my ground floor flat in Aughton and the EA has just called to advise that the buyers are swapping solicitor. The excuse is that the bank will only deal with property lawyers on their approved list. Why would a leading mortgage company only work with certain law firms rather the firm that they want to choose to handle their conveyancing in Aughton ?
Banks have always had panels of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – 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. 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. The buyers are not going to have any impact on this.
My husband and I are hoping to buy a 2 bedroom apartment in Aughton with a loan from Bank of Scotland.We have a Aughton conveyancing lawyer but Bank of Scotland informed us she’s not on their "panel". We have to appoint a Bank of Scotland panel solicitor or keep our high street solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan issued to you contains terms and conditions, one of which will be that lawyers needs to be on the Bank of Scotland approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Bank of Scotland
Should my lawyer be asking questions regarding flooding as part of the conveyancing in Aughton.
Flooding is a growing risk for lawyers conducting conveyancing in Aughton. Some people will buy a property in Aughton, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a number of checks that may be initiated by the buyer or on a buyer’s behalf which can figure out the risks in Aughton. The standard property information forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the owner to discover whether the property has historically flooded. In the event that flooding has previously occurred and is not revealed by the vendor, then a buyer may issue a compensation claim as a result of such an inaccurate response. The purchaser’s solicitors should also commission an environmental search. This will disclose whether there is any known flood risk. If so, additional inquiries will need to be conducted.
I own a 4 bedroom Edwardian house in Aughton. Conveyancing practitioner represented me and Chelsea Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to review 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Aughton and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with the conveyancing lawyer who conducted the purchase.
Due to the advice of my in-laws I had a survey completed on a property in Aughton before appointing lawyers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some lenders will refuse to give a mortgage on this type of property.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Aughton. Conveyancing will be smoother if you use a solicitor in Aughton especially if they regularly deal with such properties in Aughton.
I need to appoint a conveyancing solicitor for purchase conveyancing in Aughton. I happened to discover a site which appears to be the perfect solution If it is possible to get all formalities done via email that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?