I am one month into the sale of my apartment in Blakelaw and the EA has just text me to say that the purchasers are appointing a new conveyancer. The excuse is that the bank will only work with property lawyers on their conveyancing panel. Why would a major lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Blakelaw ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks justify this action to a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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. Some 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 unlikely to have any sway in the decision.
In what way does my ID and proof of funds have anything to do with my conveyancing in Blakelaw? Why is this being asked of me?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identification documents of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you are required to sign should reaffirm this. Your lender will also require certain documents to be viewed. Should you are unwilling to provide identification documents, your lawyer can not take you on as a client.
We intend to purchase a 1 bedroom apartment in Blakelaw with a homeloan from Accord Mortgages Ltd.We like our Blakelaw conveyancing practitioner but Accord Mortgages Ltd says her practice is not listed on their approved list of firms. We have to appoint a Accord Mortgages Ltd panel lawyer or retain our preferred solicitor and fork out for a Accord Mortgages Ltd panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan issued to you contains terms and conditions, one of which will be that solicitors must be on the Accord Mortgages Ltd approved list. in the past, most banks had large numbers of solicitors on their panels: a borrower could choose 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 lawyer to apply to be on the conveyancing panel for Accord Mortgages Ltd
Various internet forums that I have come across warn that are the main cause of stalling in Blakelaw house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Blakelaw.
Just had an offer accepted on a new build apartment in Blakelaw. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Blakelaw
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
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