I am in the process of selling my apartment in Sidmouth and the estate agent has just text me to warn that the purchasers are switching property lawyer. The excuse is that the lender will only work with property lawyers on their approved list. On what basis would a major lender only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Sidmouth ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks attribute this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some 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 buyers are unlikely to have any impact on this.
Last May we completed a house move in Sidmouth. We have noticed several issues with the property which we consider were omitted in the conveyancing searches. Do we have any recourse? Can you clarify the nature of searches that should have been ordered as part of conveyancing in Sidmouth?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in Sidmouth. Conveyancing searches and investigations initiated during the legal transfer of property are carried out to help avoid problems. As part of the process, a seller answers a form known as a Seller’s Property Information Form. answers turns out to be inaccurate, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Sidmouth.
What does my ID and proof of funds have anything to do with my conveyancing in Sidmouth? What am I being asked for?
Sidmouth conveyancing solicitors and indeed property practitioners accross the UK have a duty under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill no more than three months).
Confirmation of source of funds is also necessary in accordance with the money laundering laws as solicitors have a duty to check that the monies you are utilising to purchase a property (be it the exchange deposit or the total purchase price if you are buying mortgage free) has originated from an acceptable source (such as employment savings) rather than the fruits of criminal behaviour.
My mortgage company has suggested a law firm on their panel based in Sidmouth but I would rather instruct a conveyancing lawyer in Sidmouth or nearer to where I live. Are you able to help?
Not all Sidmouth conveyancing firms are listed all lender’s conveyancing panel. Use our find an approved solicitor tool to identify a Sidmouth conveyancing conveyancer on the on the lender panel.
I opted to have a survey carried out on a property in Sidmouth in advance of instructing solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some lenders tend not give a mortgage on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. If you e-mail us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Sidmouth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sidmouth to see if the conveyancing costs will increase in light of this.
I need to appoint a conveyancing solicitor for freehold conveyancing in Sidmouth. I happened to stumble across a site which seems to have the ideal solution If it is possible to get all the legals done via phone 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?