My solicitor has identified a defect with the lease for the property we are buying in Potton. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer says that he must ensure that the lender is content with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. The appropriate lender conditions must be adhered to.
we are a couple who are hoping to buy a newbuild apartment in Potton with a mortgage from The Royal Bank of Scotland.We use our Potton conveyancing solicitor but The Royal Bank of Scotland says he's not on their "panel". We have to appoint a The Royal Bank of Scotland panel lawyer or retain our high street solicitor and fork out for a The Royal Bank of Scotland panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan offered to you is subject to its terms and conditions, a common one being that conveyancers will be on the The Royal Bank of Scotland approved list. Until recently, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for The Royal Bank of Scotland
Is it the case that all Potton solicitors on the RBS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the RBS approved list of solicitors they would need to be overseen by the SRA. Some mortgage companies do permit licenced conveyancers on their panel and in that case the firms would be overseen by the Council of Licensed Conveyancers.
I am purchasing a property in Potton. A rare aspect is that the roof has a solar panel. Barclays have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Barclays your lawyer must comply with the formal instructions contained in Part two of UK Finance Lenders’ Handbook for Barclays. The Council of Mortgage Lenders’ Handbook contains minimum provisions for solar panel roof-space leases, and lawyers are required to report to Barclays where a lease does not meet these specifications. The requirements relate to the installation of panels on properties in England and Wales and is not isolated to Potton.
I am selling my apartment. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Leeds Building Society are being pedantic. The Potton solicitor who is on the Leeds Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Leeds Building Society are insisting on a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I used Wolstenholmes a few years ago for my conveyancing in Potton. I now require my file but cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Potton of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Potton differ for newly converted properties?
Most buyers of new build residence in Potton come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in Potton usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Potton or who has acted in the same development.
Taking into account that I will soon part with over three hundred thousand on a two bedroom apartment in Potton I would like to talk to a lawyer about myhouse move ahead of instructing the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer who will be carrying out your conveyancing in Potton.There is no ‘factory style conveyancing’ - every client is an important person, not a matter number. The law firms that we put you in touch with believe that the figure you are quoted for your conveyancing in Potton should be the figure that you are charged.