I am in the process of selling my house in Fradley and the EA has just telephoned to say that the buyers are appointing a new law firm. The excuse is that the bank will only work with property lawyers on their approved list. Why would a leading lender only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Fradley ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies justify this action to a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 purchasers are unlikely to have any sway in the decision.
My partner and I swapping mortgage lender for our maisonette in Fradley with Nationwide. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Nationwide conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nationwide conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nationwide. This is solely used to protect Nationwide if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nationwide had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I had intended to instruct a property lawyer in Fradley for our home move. Our broker has since advised us that our mortgage lenders Clydesdale won't deal with them. Surely this is unfair competition?
A decade ago most banks had an appetite for risk which was higher than today. Almost all Fradley conveyancing firms would have been on many lender panels. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms regarding their operations and the individuals who work for them and set certain criteria such a completing on a minimum amount of transactions. Many Fradley conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Fradley is one of the many areas where the conveyancers we recommend are on the panel for Clydesdale.
We are due to move home in September. Does my conveyancing solicitor liaise with the removal company on the completion day. On a separate note, can you suggest a removal company in Fradley. Conveyancing solicitor was found before I stumbled across your page.
On the day of completion you can collect the keys from the property agent however this can only take place when the vendors conveyancers inform the agent that they acknowledge receipt of the completion payment and the keys can be released. You can advise the removal company that they can start moving you in. As a matter of policy we do not recommend a specific removal organisation but can help you locate a residential property solicitor in Fradley or a lawyer that specialises in conveyancing in Fradley.
is it true that all Fradley solicitor firms on the Skipton conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Skipton approved list of solicitors they would need to be governed by the SRA. Some mortgage companies do allow licenced conveyancers on their panel in which case such firms would be governed by the Council of Licensed Conveyancers.
We have a mortgage agreed in principle with Santander. Fradley conveyancing practitioners have been appointed. What is the average time that one could expect to receive a mortgage offer from Santander?
There is no definitive answer here. Have Santander conducted the valuation? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Should my lawyer be making enquiries regarding flooding as part of the conveyancing in Fradley.
The risk of flooding is if increasing concern for solicitors dealing with homes in Fradley. Plenty of people will buy a property in Fradley, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, but there are a number of checks that may be undertaken by the buyer or on a buyer’s behalf which will figure out the risks in Fradley. The conventional set of information given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the seller to discover whether the property has ever been flooded. If the residence has been flooded in past which is not revealed by the vendor, then a purchaser could commence a claim for damages as a result of such an misleading response. The purchaser’s solicitors will also order an environmental search. This should indicate whether there is a recorded flood risk. If so, additional investigations will need to be initiated.
Over the last few months I have been searching for a flat up to £305k and identified one close by in Fradley I like with a park and station in the vicinity, however it's only got 51 years on the lease. There is not much else in Fradley suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.