I am nearing exchange of contracts for my maisonette in Fowey and the EA has just called to say that the buyers are changing their conveyancer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a big named lender only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Fowey ?
UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. The purchasers are unlikely to have any impact on this.
We are getting a further advance on our mortgage from UBS as we intend to carry out renovations to our home in Fowey. Do we need to appoint a bricks and mortar Fowey solicitor on the UBS conveyancing panel to handle the legals?
UBS do not ordinarily require a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS conveyancing panel.
I recently had an offer accepted on an apartment in Fowey. My financial adviser suggested a solicitor. I paid an on account payment of £225. A few days later, the property lawyer contacted me sheepishly admitting that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am selling my apartment. I had a double glazing fitted in October 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Principality are being a right pain. The Fowey solicitor who is on the Principality conveyancing panel is saying indemnity insurance will be fine but Principality are insisting on a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am purchasing a property and the lawyer has referenced Chancel Repair for which the property may be obligated to contribute to given it’s proximity to the area of such a church. He has suggested insurance. Is this strictly necessary for conveyancing in Fowey
Unless a prior acquisition of the premises took place post 12 October 2013 you could assume that solicitors conducting conveyancing in Fowey to remain encouraging a chancel search and or insurance against a claim.
Just had an offer accepted on a new build apartment in Fowey. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Fowey
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared.
I have been pointed in your direction by a number of property agents in Fowey to choose a solicitor on your site. What’s the financial incentive for Estate Agents to market your lawyers over a competitor’s?
We don’t make any commission for sending work in our direction. We thought it would be too underhand to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
Your search tool is useful but there are many lawyers listed near Fowey being on the lender conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the lender approved panel?
We are not in the business of recommending one firm above another as the right Fowey conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Fowey knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..