Am I correct in assuming that the fact that my conveyancer in Ilminster is not listed on my mortgage company's conveyancing panel that there is a problem with the standard of the firm’s work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the Ilminster conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
My solicitor has discovered a a problem with the lease for the flat we are buying in Ilminster. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancer 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 lender 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.
As someone not used to the Ilminster conveyancing process what is your top tip you can impart for the legal transfer of property in Ilminster
Not many law firms shout this from the rooftops but conveyancing in Ilminster and elsewhere in England and Wales is often a confrontational process. In other words, when it comes to conveyancing there is plenty of opportunity for conflict between you and others involved in the ownership transfer. E.g., the vendor, selling agent and on occasion a lender. Choosing a lawyer for your conveyancing in Ilminster is a critical decision as your conveyancer is your adviser, and is the ONE party in the process whose interest is to act in your legal interests and to keep you safe.
We are witnessing a worrying increase in the "blame" culture- someone has to be at fault for the process taking so long. We recommend that you must always trust your solicitor ahead of all other parties in the home moving process.
My lawyer in Ilminster is not on the Norwich and Peterborough Building Society Approved Panel. Is it possible for me to use my family solicitor even though they are excluded from the Norwich and Peterborough Building Society approved list?
Your options are as follows:
- Carry on with your existing Ilminster lawyers but Norwich and Peterborough Building Society will need to retain a solicitor on their panel. This will result in additional overall conveyancing charges as well as cause frustration.
- Choose a new lawyer to to deal with the purchase, remembering to check they are Norwich and Peterborough Building Society approved.
- Try to convince your Norwich and Peterborough Building Society solicitor to attempt to join the Norwich and Peterborough Building Society panel
I have been on the look out for a ground for flat up to £305k and identified one near me in Ilminster I like with open areas and station in the vicinity, however it's only got 49 years unexpired on the lease. There is not much else in Ilminster suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
My father has suggested that I appoint his conveyancing solicitors in Ilminster. Should I use them?
No doubt the ideal way to find a conveyancing lawyer is to get guidance from friends or relatives who have previously instructed the firm you're considering.