I can't travel far from Crynant. Please spell out why all Crynant conveyancing practitioners aren't included on all mortgage company panels?
Banks point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lenders to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in lenders culling a number of firms from their official list of approved solicitors .
Our solicitor has discovered a a problem with the lease for the apartment we are purchasing in Crynant. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the bank is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 lawyer will have no choice but to discontinue acting for you.
We're in Crynant, First timers purchasing with a mortgage (lender is Clydesdale , and our lawyer is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am downsizing from our property in Crynant and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. Any local lawyer would know this is not the case. It does beg the question why the buyers instructed a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Crynant. Having lived in Crynant for six years we know of no issue. Should we contact our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? 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 illness)
The deeds to my property can not be found. The lawyers who dealt with the conveyancing in Crynant 5 years ago no longer exist. What do I do?
As long as you have a registered title the information relating to your ownership will be documented by the Land Registry under a Title Number. It is possible to execute a search at the Land Registry, identify your house and obtain up to date copies of the Registered Entries for a small fee. Where the title is Leasehold then the Land Registry will in most cases retain a certified copy of the Registered Lease and again, a copy can be obtained for twenty pounds.
Due to the encouragement of my in-laws I had a survey completed on a property in Crynant ahead of instructing lawyers. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some lenders tend refuse to give a loan on this type of premises.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. If you e-mail us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Crynant. Conveyancing may be slightly more expensive based on your lender's requirements.