I am five weeks into the sale of my ground floor flat in Penn and the EA has just telephoned to say that the buyers are appointing a new law firm. I am told that this is due to the fact that the lender will only deal with solicitors on their conveyancing panel. On what basis would a big named lender only deal with specific lawyers rather the firm that they want to choose for their conveyancing in Penn ?
Mortgage companies have always had panels of law firms they are content to work with, 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 many years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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. The purchasers are unlikely to have any sway in the decision.
Is there a search tool that I can utilise to investigate if the solicitor carrying out my conveyancing in Penn is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Skipton Building Society thus paying £175.00 in additional legal costs.
You should take advantage of the search tool on this site. Pick the mortgage company and type ‘Penn’ or your location and you will see numerous conveyancers located in Penn or near you.
Is it the case that all Penn solicitor firms on the Virgin Money conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel and in that case the firms would be overseen by the CLC.
We have agreed to purchase a house in Penn. A rare aspect is that the roof has a solar panel. Lloyds have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Lloyds your lawyer must comply with the conveyancing requirements set out in Part 2 of UK Finance Lenders’ Handbook for Lloyds. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and solicitors are required to report to Lloyds where a lease does not satisfy these requirements. The conditions relate to the installation of panels on properties nationwide and is not limited to Penn.
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 Penn solicitor - who is on the Leeds Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society 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 Penn 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.
The estate agent has sent us the confirmation of our purchase of a new build flat in Penn. 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 legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Penn
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Penn is where the house is located. What do you suggest?
Flying freeholds in Penn are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Penn you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penn 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.
Is there anything unique about your site and other online quote calculators for conveyancing in Penn?
At this site obtain a conveyancing costs illustration via a Solicitor or Licensed Conveyancer that appreciates the issues of your conveyancing in Penn. As opposed to estate agents and brokerage sites we do not charge firms a fee if you appoint them for your conveyancing in Penn