I am selling my home in Marford and the EA has just text me to say that the buyers are switching property lawyer. The excuse is that the mortgage company will only work with solicitors on their approved list. Why would a big named lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Marford ?
UK lenders have always had panels of law firms that can represent them, 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 worked with them for decades.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose 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. Some 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 buyers are unlikely to have any impact on this.
My partner and I have just bought a property in Marford. We have since encountered a number of issues with the property which we suspect were missed in the conveyancing searches. Do we have any recourse? Can you clarify the type of searches that needed to have been ordered for conveyancing in Marford?
It is not clear from the question as to the nature of the problems and if they are specific to conveyancing in Marford. Conveyancing searches and due diligence initiated as part of the buying process are supposed to help avoid problems. As part of the process, the vendor completes a document known as a Seller’s Property Information Form. answers proves to be inaccurate, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Marford.
In what way does my ID and proof of funds have anything to do with my conveyancing in Marford? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Marford conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.
Under Money Laundering Regulations, conveyancers are obliged by law to validate not only the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this will lead to your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the appropriate authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
About to purchase a new build flat in Marford. Conveyancing is daunting 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 is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Marford
-
Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. 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.
I opted to have a survey carried out on a property in Marford prior to instructing solicitors. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some banks may not issue a loan on such a premises.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Marford. Conveyancing may be slightly more expensive based on your lender's requirements.
Why do Marford conveyancing fees are more expensive for leasehold and freehold properties?
There is always more work necessary in leasehold conveyancing. Marford has many leasehold properties. There is more paperwork involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.