I am selling my maisonette in Sandown and the EA has just e-mailed to warn that the buyers are changing their conveyancer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a big named mortgage company only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Sandown ?
Mortgage companies have always had panels of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks attribute this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. 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. Your buyers are not going to have any impact on this.
Having sold my house in Sandown last July but our buyer keeps whats apping daily to say his solicitor needs to hear from mylawyer. What should my lawyer have done now that I have sold?
Post completion of your house sale your lawyer is duty bound to deliver the transfer deeds and all additional paperwork to the purchaser's solicitors. Depending on the transaction, your conveyancer must also evidence that the mortgage has been discharged to the purchasers conveyancers. There are no post completion requirements peculiar conveyancing in Sandown.
Can you clarify what the consequences are if my solicitor is expelled from the Lloyds Solicitor panel ahead of completing my conveyancing in Sandown?
First, this is a very rare occurrence. 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 at a cost.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Sandown is the location of the property. Can you shed any light on this issue?
Flying freeholds in Sandown are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sandown you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sandown may decide 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 residence.
My husband and I are 14 days into a freehold purchase having been directed to a firm by the local agent to perform conveyancing in Sandown. We are not happy. Could you help me find new solicitors?
A solicitor would have to be very poor to suggest changing them. Has your loan offer been sent? If so you will need to make them aware of the new contact details and get the mortgage documents are issued to the new lawyers. Your new solicitor ideally needs to be on the mortgage company approved list to avoid supplemental charges and complications. That should be your starting point. Our search tool can assist you in finding a lender approved lawyer for your home move in Sandown
Our conveyancer in Sandown has identified a defect with the lease for the flat we are buying in Sandown. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company 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.