I am selling my flat in Scotter and the estate agent has just telephoned to advise that the buyers are changing their solicitor. I am told that this is due to the fact that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Scotter ?
Lenders have always had panels of law firms that can represent them, 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 worked with them for many years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal 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 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 not going to have any sway in the decision.
Due to move into my new home in Scotter next Monday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What risks does the bank expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Scotter.
Will my lawyer be making enquiries regarding flooding as part of the conveyancing in Scotter.
Flooding is a growing risk for lawyers dealing with homes in Scotter. Some people will purchase a property in Scotter, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, but there are a numerous checks that may be initiated by the purchaser or on a buyer’s behalf which should figure out the risks in Scotter. The standard information sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard question of the vendor to find out if the premises has suffered from flooding. If the residence has been flooded in past which is not disclosed by the vendor, then a purchaser could commence a legal claim for losses stemming from an misleading response. A purchaser’s lawyers should also conduct an environmental report. This will reveal if there is any known flood risk. If so, additional inquiries will need to be made.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Scotter I like with open areas and railway links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Scotter in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
How easy is it to swap conveyancer as I have to find one who is on the Accord Mortgages Ltd conveyancing panel. I had appointed a family conveyancing solicitor in Scotter round the corner but the firm is not approved by Accord Mortgages Ltd
It would be our pleasure to assist you find a conveyancing solicitor in Scotter on the Accord Mortgages Ltd panel. Please note that the solicitors that we on the directory do not pay us commission if you instruct them and are fully regulated by the SRA who oversee all conveyancing solicitors in Scotter. Using search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Scotter.
I need to find a conveyancing solicitor for purchase conveyancing in Scotter. I've stumble across a web site which seems to have the perfect answer If there is a chance to get all formalities completed via email that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?