My partner and I are looking to acquire a property in Monmouth and are in fact using a Monmouth conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Norwich and Peterborough Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Monmouth lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Monmouth lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Our conveyancer has discovered a defect with the lease for the flat we are buying in Monmouth. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that he must check that the mortgage company is content with this solution. Who is the client here, us or the lender?
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 provisions. 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 property lawyer will have no choice but to discontinue acting for you.
Does a directory service exist listing HSBC panel solicitors in Monmouth on the UK Finance Lenders’ Handbook Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings viewable over the internet. Where you are looking for a Monmouth conveyancer on the HSBC please use our facility.
Completion of my remortgage has taken place for my property in Monmouth. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
Having read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Monmouth solicitor - who is on the Barclays conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Barclays will need an independent valuation of the property. Your lawyer will not arrange this. Usually Barclays will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Monmouth surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to take this when buying a property in Monmouth? or Apparently there is historic law that could mean that house owners residing in a parish church boundary will be compelled to pay for maintenance towards the chancel in proximity to the church. Is this appropriate for conveyancing in Monmouth?
Unless a previous purchase of the property took place after 12 October 2013 you could expect conveyancing practitioners handling conveyancing in Monmouth to remain recommending a chancel search and or insurance against a claim.
Despite weeks of looking the Title Certificate and documents to my home are lost. The solicitors who conducted the conveyancing in Monmouth 5 years ago have long since closed. What do I do?
You no longer need to hold title official documentation to prove you are the owner of your registered land or property, given that the Land Registry have everything they need in a digital format.
I happen to be an executor of my recently deceased parent's Will, with a property in Monmouth which will be sold. The house has never been registered at the Land Registry and I'm advised that some purchasers will insist that it is completed before they will move forward. What's the procedure for this?
In the situation that you have set out it seems sensible to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.