I can't travel far from Epsom. What is the rationale as to why all Epsom conveyancing practitioners aren't automatically on all mortgage company panels?
Before the recession most banks had an attitude to risk which is different than today. The Financial Services Authority in 2010 conducted a thematic review into property fraud which in summary warned lenders: know the lawyers on your panel. Consequently, banks have subsequently requiredmore information from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Many law practices have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum volume of transactions the lenders required.
We are about to complete buying a house in Epsom but as a result of damage from a small fire at the property I have was able negotiate compensation from the owner of £3k by way of a adjustment in the price. This was going to be addressed as part of amending the contract but Bank of Ireland are not allowing this. Why were they involved?
Your property lawyer being on a Bank of Ireland conveyancing panel is duty bound to disclose to Bank of Ireland of any changes to the sale price. If you prohibit your lawyer to notify the reduction to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new conveyancing practitioner for your conveyancing in Epsom.
My bid for a property was accepted at auction in Epsom. Conveyancing is required. What is next?
Having to in every practical sense signed on the dotted line you now have to retain a conveyancing lawyer soon as you now have a pending a drop dead date to complete the purchase. Every auction property will have a bespoke auction pack. This will include most,if not all of the paperwork that your lawyer requires. Where you are dealing with leasehold property the conveyancing pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to leasehold premises. You need to pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds in order to complete on the on the contractual date .
My lawyer has informed me that breach of easement insurance is required on my purchase. What is the level of cover for Epsom conveyancing?
The appropriate level of breach of easement indemnity insurance should be dictated by who your lender. It would differ for example between Accord Mortgages Ltd and Barnsley Building Society. Conveyancing lawyers as opposed to members of the public take out such policies.
We previously instructed conveyancing lawyers locally in Epsom on the Santander solicitor approved list. They are now charging me a separate fee for handling the Santander mortgage. Is this a supplemental conveyancing fee set by Santander?
Provided it is contained in their Terms and Conditions or Quote then yes your conveyancer may charge a fee for this. The fee is not set by Santander but by your Epsom conveyancing practitioner. Plenty of firms on the Santander panel will levy ’dealing with mortgage’ fee and others do not.
I appreciate that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when acquiring a house in Epsom? or Apparently there is a law dating back centuries that means some owners of property living in a parish church boundary will be compelled to pay for repairs towards the chancel in proximity to the church. Is this relevant for conveyancing in Epsom?
Unless a previous purchase of the property took place post 12 October 2013 you can take it that conveyancing practitioners handling conveyancing in Epsom to continue to suggest a chancel search and or chancel repair liability policy.
I have been on the look out for a ground for flat up to £235,500 and identified one near me in Epsom I like with a park and station in the vicinity, however it only has 61 remaining years left on the lease. I can't really find anything else in Epsom for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I need to swap lawyers as my Epsom lawyer is not on the mortgage company's panel of conveyancing solicitors. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to start work and at this stage simply received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Epsom that you're thinking of instructing.