I am 4 weeks into the sale of my apartment in Mossley and the estate agent has just text me to say that the purchasers are changing their law firm. The reason given is that the mortgage company will only engage with solicitors on their approved list. Why would a big named lender only work with certain law firms rather the firm that they want to select to handle their conveyancing in Mossley ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies justify this action to a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. 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 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. Your purchasers are unlikely to have any impact on this.
Our conveyancer has identified a a problem with the lease for the apartment we are purchasing in Mossley. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. These conveyancing instructions have to be complied with.
Are the BSA planning on creating a search tool with a view to list law firms on the Melton Mowbray Building Society conveyancing panel for instance in Mossley?
We have not been informed any plans on the part of the BSA to develop such a search facility.
We previously chose solicitors based in Mossley on the Virgin Money solicitor approved list. They are now charging me an additional sum for the legal aspects of the Virgin Money mortgage. Is this a supplemental conveyancing fee specified by Virgin Money?
Provided it is contained in their Terms and Conditions or Quote then yes your lawyer can levy a fee for this. The charge is not set by Virgin Money but by your Mossley conveyancer. Numerous firms on the Virgin Money panel will levy an ‘acting for lender’ fee but some practices include it on their overall fee.
My partner and I have arranged the release of further funds on our home loan from Lloyds as we wish to carry out a loft conversion to our home in Mossley. Are we obliged to select a high street Mossley solicitor on the Lloyds conveyancing panel to handle the legals?
Lloyds do not ordinarily require a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Lloyds conveyancing panel.
After much negotiation I have agreed a price on a house in Mossley. My financial adviser suggested a solicitor. I paid an upfront payment of £200. Shortly after, the solicitor contacted me to say that they were not on the Skipton conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Skipton panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Do commercial conveyancing searches disclose proposed roadworks that may affect a commercial land in Mossley?
Its becoming the norm that commercial conveyancing solicitors in Mossley will perform a SiteSolutions Highways report as it reduces the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Mossley. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Mossley.
For every commercial conveyancing transaction in Mossley it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can cause delays to Mossley commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Mossley.
I am buying a new build flat in Mossley. 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.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Mossley
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Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? 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.