I am nearing exchange of contracts for my flat in Morganstown and the estate agent has just telephoned to warn that the buyers are changing their conveyancer. The reason given is that the lender will only work with solicitors on their conveyancing panel. On what basis would a major lender only work with specific law firms rather the firm that they want to appoint for their conveyancing in Morganstown ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks justify this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 sway in the decision.
Due to move into my new home in Morganstown next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These requirements are not specific to conveyancing in Morganstown.
I am looking to buy a flat and require a conveyancing solicitor in Morganstown who is on the TSB solicitor. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for TSB in certain locations such as Morganstown. We dont recommend any particular firm.
When it comes to mortgage companies such as TSB, do Morganstown conveyancing practitioners incur a fee to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
We have agreed to purchase a house in Morganstown. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Santander be concerned?
Given that you are obtaining a mortgage with Santander your lawyer must check the formal requirements outlined in Section two of UK Finance Lenders’ Handbook for Santander. The Council of Mortgage Lenders’ Handbook stipulates minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Santander where a lease fails to satisfy these requirements. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Morganstown.
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Morganstown solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money 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. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Morganstown postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Morganstown.
I am buying a new build flat in Morganstown. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Morganstown
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I was advised by my lender that their panel conveyancers work on no move no charge basis for conveyancing in Morganstown. I had a purchase fall through yet the solicitors have invoiced for search fees! They say the fees are seperate!
By promising "no sale no fee" Morganstown conveyancing lawyers are foregoing their charges for any work carried out. We must stress this is not to be regarded as an insurance scheme. Disbursements aren’t covered – where the conveyancing practitioner have to pay money out to independent parties, for instance Morganstown local search fees