It has come to my attention via my IFA that my Gurnard lawyer is not on the mortgage company Solicitor panel. How can I check?
The sensible course of action for you to take is to contact your Gurnard conveyancer. You lawyer should notify you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
Our lawyer has discovered a defect with the lease for the property we are purchasing in Gurnard. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
I had intended to instruct a conveyancing solicitor in Gurnard for our house move. Our financial adviser informed us that our mortgage company The Royal Bank of Scotland won't deal with them. Why is this not regarded as unduly restrictive?
Mortgage Companies normally restrict either the type or the number of conveyancing firms on their panel. Typical examples of such criteria being that a firm must not be a sole practitioner. In addition to restricting the type of firm, a few lenders have limited the number of firms they use to represent them. Be aware that The Royal Bank of Scotland have no responsibility for the quality of advice provided by any member of The Royal Bank of Scotland Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels since 2008 even though there are differing opinions about the extent of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that thousands of law firms, including some in or near Gurnard only carry out a couple conveyances per annum.
I have been on the look out for a flat up to £305k and found one close by in Gurnard I like with a park and transport links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Gurnard suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the shortness of the lease may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may ask them to 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 consult your conveyancing lawyer about this matter.
My father has suggested that I instruct his conveyancers in Gurnard. Should I use them?
Much as we are happy to recommend a Gurnard conveyancing lawyer the best way to choose a conveyancing solicitor is to seek referrals from friends or family who have actually used the conveyancer that you are are thinking of instructing.
I am buying a house and need a conveyancing solicitor in Gurnard who is on the lender approved panel. Could you point me in the right direction as regards a Gurnard conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the lender who do conveyancing in Gurnard. We dont recommend any particular conveyancing practice.