Unfortunately I am unable to travel far from Dawlish. What is the rationale as to why all Dawlish solicitors are not on all bank panels?
A decade ago most banks exhibited an attitude to risk which differs from the current day. The financial regulator in 2010 conducted a thematic review into property fraud which in summary warned lenders: know the solicitors on your panel. Accordingly, lenders have since requiredmore data from law firms regarding their operations and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Many law practices have been excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum amount of transactions the lenders insisted on.
I am refinancing my house in Dawlish, does my lawyer have to be on the Leeds Building Society Solicitor panel?
In theory, you could use a solicitor that is not on the Leeds Building Society conveyancing panel, but Leeds Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
When it comes to lenders such as TSB, do Dawlish solicitors have to pay a fee to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
How can we tell if a Dawlish conveyancing solicitor on the Leeds Building Society panel is any good?
When it comes to conveyancing in Dawlish seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor conducting your conveyancing.
UBS have agreed my home loan in principle, my offer on a apartment in Dawlish has been agreed to, what happens next?
Your estate agent will want to know who your solicitors are (make sure the conveyancing practitioners are on the lender’s approved list). Contact UBS or the broker and complete any relevant forms. UBS will sellect a valuer who will get in contact with the selling agent or owners to arrange a slot for the valuation to occur. Once conducted (assuming no problems) it takes on average a week to receive the mortgage offer. UBS will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Dawlish.
Do commercial conveyancing searches reveal proposed roadworks that could affect a commercial land in Dawlish?
Its becoming the norm that commercial conveyancing solicitors in Dawlish will order a SiteSolutions Highways report as it reduces the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Dawlish. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Dawlish.
For each commercial conveyancing transaction in Dawlish it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Dawlish commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Dawlish.
Due to the advice of my in-laws I had a survey completed on a property in Dawlish before appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some lenders may not grant a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can look into this further with 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 Dawlish. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Dawlish to see if the conveyancing will be more expensive.
Our solicitor in Dawlish has discovered a defect with the lease for the property we are purchasing in Dawlish. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is 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. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will 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 lawyer will have no choice but to discontinue acting for you.