My partner and I are planning to acquire a flat in Overton and have appointed a Overton conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Scotland have this afternoon contacted us to advise us that they have now hit a problem as our Overton lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. 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 solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Overton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Our solicitor has discovered a a problem with the lease for the flat we are purchasing in Overton. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the bank?
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 property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 lawyer will have no choice but to discontinue acting for you.
We see that you have a post code search directory identifying firms on the Principality conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in Overton?
We are a listing service only for law firms wishing to communicate if they are on the Principality conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Overton.
I'm buying my first flat in Overton with a loan from Nationwide Building Society. The sellers refused to reduce the amount so I negotiated £7000 of additionals instead. The property agent advised me not reveal to my lawyer about this side-deal as it would impact my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a quick, chain free conveyancing. Overton is where the house is located. What do you suggest?
Flying freeholds in Overton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Overton you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Overton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am using a search engine for the words on line conveyancing in Overton it brings up numerous property lawyersin the area. How do I determine which is the right conveyancing solicitor for purchase transaction?
The ideal way of seeking the right conveyancer is via trusted recommendation, so enquire of colleagues and those you trust who have purchased a property in Overton or the local estate agent or financial adviser. Fees for conveyancing in Overton differ, so it's sensible to obtain a minimum of four fee estimates from varying types of property lawyers. Dont forget to clarify what costs in the quote includes.