I am progressing with the sale of my house in Shanklin and the estate agent has just called to advise that the purchasers are appointing a new property lawyer. The reason given is that the lender will only work with solicitors on their approved list. On what basis would a big named mortgage company only deal with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Shanklin ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some 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. The purchasers are unlikely to have any sway in the decision.
Our Shanklin solicitor has discovered an inconsistency between the information in the valuation survey and what is revealed within the legal papers for the property. My solicitor informs me that he is obliged to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance right?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Are there restrictive covenants that are commonly identified during conveyancing in Shanklin?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Shanklin. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey done on a house in Shanklin prior to retaining solicitors. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some lenders will not give a mortgage on this type of house.
It varies from the lender to lender. Santander has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Shanklin. Conveyancing will be smoother if you use a solicitor in Shanklin especially if they are acquainted with such properties in Shanklin.
What does commercial conveyancing in Shanklin cover?
Non domestic conveyancing in Shanklin incorporates a wide array of advice, offered by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I am thinking of appointing a conveyancing solicitor in Shanklin for my purchase. Is it possible to review a solicitor's complaints history with the legal regulator?
Anyone may search for presented Solicitor Regulator Association (SRA) decisions resulting from investigations from 2008 onwards. Visit Check a solicitor's record. For details about the period before 1 January 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training requirements.