I am progressing with the sale of my maisonette in Eel Pie Island and the EA has just text me to say that the buyers are appointing a new property lawyer. The reason given is that the lender will only work with property lawyers on their approved list. Why would a major mortgage company only work with specific solicitors rather the firm that they want to select for their conveyancing in Eel Pie Island ?
UK lenders have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. Your buyers are not going to have any sway in the decision.
What is the difference between a licensed conveyancer and conveyancing solicitor in Eel Pie Island
Two types of professional can do conveyancing in Eel Pie Island namely CLC regulated conveyancers or solicitors. The two can provide the legal services that required to complete the disposal or purchase of property. Both are duty bound to carry out Eel Pie Island conveyancing on similar standards and guidelines so you can be safe in the knowledge that your conveyancing will be professionally carried out and that all necessary procedures will be correctly attended to.
Last month we had a mortgage agreed in principle with Bank of Ireland. Eel Pie Island conveyancing solicitors are instructed. What is the average time that one could expect to receive a mortgage offer from Bank of Ireland?
There is no definitive answer here. Have Bank of Ireland completed the survey? Have you informed Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I've read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Eel Pie Island solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Eel Pie Island surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Should my conveyancer be raising enquiries regarding flooding as part of the conveyancing in Eel Pie Island.
Flooding is a growing risk for lawyers conducting conveyancing in Eel Pie Island. There are those who purchase a property in Eel Pie Island, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, but there are a number of searches that may be initiated by the purchaser or by their conveyancers which will figure out the risks in Eel Pie Island. The standard information sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the vendor to discover if the premises has suffered from flooding. If flooding has previously occurred which is not notified by the vendor, then a buyer may bring a compensation claim resulting from an inaccurate response. The buyer’s solicitors should also carry out an environmental search. This should reveal whether there is any known flood risk. If so, additional investigations will need to be carried out.
The deeds to my home are lost. The conveyancers who did the conveyancing in Eel Pie Island 10 years ago are no longer around. What do I do?
You no longer need to have the physical official documentation to evidence that you are the owner of your registered land or property, given that the Land Registry hold details of all registered land or property electronically.
I opted to have a survey completed on a house in Eel Pie Island prior to instructing solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some banks tend refuse to issue a mortgage on such a premises.
It varies from the lender to lender. Santander has different requirements from Nationwide. If you call us we can check 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 Eel Pie Island. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Eel Pie Island to see if the conveyancing costs will increase in light of this.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Eel Pie Island. I happened to stumble across a web site which seems to have the ideal solution If it is possible to get all the legals completed via phone 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?