I am 3 weeks into the sale of my flat in Mortimer and the EA has just text me to say that the purchasers are changing their conveyancer. The reason given is that the bank will only engage with solicitors on their approved list. Why would a big named mortgage company only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Mortimer ?
Banks have always had panels of law firms that can act for them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Clydesdale Solicitor panel ahead of completing my conveyancing in Mortimer?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Should our lawyer be making enquiries concerning flooding during the conveyancing in Mortimer.
Flooding is a growing risk for lawyers dealing with homes in Mortimer. Plenty of people will acquire a property in Mortimer, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, but there are a number of checks that may be undertaken by the buyer or by their solicitors which can figure out the risks in Mortimer. The conventional set of property information forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the seller to determine if the property has historically flooded. If the property has been flooded in past which is not notified by the owner, then a buyer could bring a claim for damages as a result of such an misleading answer. The buyer’s lawyers should also carry out an environmental report. This should disclose whether there is any known flood risk. If so, more detailed inquiries will need to be carried out.
Due to the encouragement of my in-laws I had a survey completed on a house in Mortimer ahead of appointing conveyancers. I have been told that there is a flying freehold element to the house. My surveyor advised that some banks may not give a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Mortimer. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to appoint a conveyancing solicitor for residential conveyancing in Mortimer. I have land on a web site which looks to be the ideal solution If there is a chance to get all formalities done via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am hoping to sign contracts shortly on a ground floor flat in Mortimer. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Mortimer should include some of the following:
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You should be sent a copy of the lease The total ownership of the demise. This could be the property itself but might incorporate a roof space or cellar if applicable. Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? Does the lease prevent you from letting out the property, or working from home What you can do if another tenant in the building breaches a clause of their lease?
Mortimer Leasehold Conveyancing - Sample of Queries Prior to buying
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Is the freehold owned collectively by the tenants? The answer will be helpful as a) areas may result in problems for the block as the communal areas may begin to deteriorate where services are not paid for b) if the leasehold owners have an issue with the managing agents you will wish to have complete disclosure Can you inform me if there are any major works anticipated that will add a premium to the service charges?