We are planning to buy a 1 bedroom flat in Madeley with a mortgage. We would like to retain our Madeley solicitor, but the bank says he's not on their "panel". It seems we have no option but to use one of the bank panel conveyancing practices or keep our Madeley property lawyer and pay for one of their panel lawyers to represent them. This seems very unfair; can we not demand that the mortgage company use our Madeley solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Madeley conveyancing lawyer to apply to be on the conveyancing panel.
Our solicitor has identified a a problem with the lease for the apartment we are purchasing in Madeley. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer says that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
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 property lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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 am assisting my sister sell her flat in Madeley. Does the conveyancing solicitor order the energy assessment or it is for the owner to coordinate?
Following the abolition of Home Information Packs, energy performance certificates was left as a required part of selling a house. An EPC must be to hand in advance of the property being placed on the market. This is not something that law firms normally organise. Where you are using a Madeley conveyancing lawyer they may help arrange EPC’s due to their relationships with long established Madeley providers
Please help - my lawyer says that restrictive coveneant insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Madeley?
The right level of restrictive coveneant indemnity insurance depends on who your lender is. It would differ for example between Barclays and Leeds Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
We previously selected conveyancing lawyers locally in Madeley on the Skipton solicitor panel. They have just invoiced me an additional amount for the legal aspects of the Skipton mortgage. Is this a supplemental conveyancing fee specified by Skipton?
As unfair as it may seem, as long as it’s in their Terms and Conditions or Quote then yes your conveyancer is entitled to charge a fee for this. This fee is not dictated by Skipton but by your Madeley solicitor. Plenty of firms on the Skipton panel will levy ’dealing with mortgage’ fee and others do not.
Will my solicitor be raising questions about flooding during the conveyancing in Madeley.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Madeley. There are those who acquire a house in Madeley, completely aware that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, but there are a various searches that can be undertaken by the buyer or by their conveyancers which can give them a better understanding of the risks in Madeley. The standard completed inquiry forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the seller to determine if the property has suffered from flooding. If flooding has previously occurred and is not revealed by the seller, then a purchaser may bring a legal claim for losses stemming from an inaccurate response. A buyer’s lawyers will also order an enviro report. This should reveal whether there is any known flood risk. If so, additional inquiries will need to be initiated.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Madeley. Conveyancing is a frightening process 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 legal work.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Madeley
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
My partner and I have recently had an offer accepted on a flat and had meeting on Tuesday with Nationwide for the mortgage. They advised me that when it comes to selecting a conveyancing practitioner that if they are not on their approved panel of solicitors then we will be subject to an a further fee of £200. This is is due to the fact that they will then have to select a solicitor to act for them as well as the one we appoint on our behalf and we are liable for their fees. I have asked Nationwide to supply me with a list so I can seek estimates only from their approved solicitors but was told that I need to check with each individual solicitor to see if they are on the panel. Is there a simple way of finding out who is on a lender panel?
You can enquire of Nationwide what their criteria for panel membership is for a conveyancer.Thereafter ask the property lawyer of your choice whether they fit that criteria and have they acted on loans for Nationwide before. Where the answer to those is yes, then just double check with Nationwide. Another option is to make use of our search tool and we may be able to locate a conveyancer in Madeley on the approved list for Nationwide.