I am selling my apartment in Fforestfach and the EA has just text me to warn that the purchasers are appointing a new property lawyer. The reason given is that the lender will only deal with property lawyers on their conveyancing panel. Why would a leading lender only engage with certain lawyers rather the firm that they want to select for their conveyancing in Fforestfach ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that 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.
Due to complete my purchase in Fforestfach next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These obligations are not unique to conveyancing in Fforestfach.
The Fforestfach conveyancing solicitors that just started acting on my house acquisition in Fforestfach have without warning closed. They were on acting for me because I needed a lawyer on the Clydesdale conveyancing panel and my preferred Fforestfach lawyer was not. I cut them a cheque for £250 in advance. What are my options?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Clydesdale conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The solicitors who did the conveyancing in Fforestfach 4 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 held by the Land Registry with a Title Number. It is easy to conduct a search at the Land Registry, identify your property and obtain current copies of the property title for a small fee. Where the title is Leasehold then the Land Registry will usually hold a certified copy of the Registered Lease and again, a copy can be retrieved for twenty pounds.
I am purchasing a new build house in Fforestfach with a mortgage from Santander. The developers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The estate agent advised me not inform my lawyer about the deal as it will jeopardize my loan with Santander. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey completed on a property in Fforestfach ahead of appointing solicitors. I have been told that there is a flying freehold element to the property. Our surveyor has said that some lenders may refuse to grant a mortgage on such a premises.
It varies from the lender to lender. Santander has different requirements for example to Halifax. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Fforestfach. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Fforestfach to see if the conveyancing costs will increase in light of this.