My husband and I are looking to buy a home in Becontree and are in fact using a Becontree conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Barnsley Building Society have this evening contacted us to inform me that they have now hit a problem as our Becontree conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Becontree lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My lawyer has discovered a defect with the lease for the property we are purchasing in Becontree. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the mortgage company is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender 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 mortgage company 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 conveyancing practitioner will have no choice but to discontinue acting for you.
Is there a search tool that I can use to find out if the solicitor handling my conveyancing in Becontree is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Bank of Scotland thus paying £175.00 in further conveyancing invoice.
Please do take advantage of the find a conveyancing panel solicitor tool on this site. Pick the mortgage company and type ‘Becontree’ or your location and you will see a number of lawyer offices in Becontree or by proximity to you.
What does a local search reveal about the property I am buying in Becontree?
Becontree conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations such as Searches UK The local search plays a central role in many a Becontree conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search should supply data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Becontree is where the house is located. What do you suggest?
Flying freeholds in Becontree are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Becontree you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Becontree may decide 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 property.
I am looking for a conveyancing solicitor in Becontree for my home move. Is it possible to see a firm’s complaints history with the profession’s regulator?
Members of the public can review published Solicitor Regulator Association (SRA) decisions stemming from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find details Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The SRA could recorded telephone calls for training reasons.