I am one month into the sale of my home in Solva and the EA has just text me to warn that the purchasers are changing their law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Solva ?
Lenders 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 more than 15 years.
Lenders blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 purchasers are unlikely to have any impact on this.
How up to date is your search tool for Solva conveyancing solicitors on the UBS conveyancing panel? Do UBS send you an updated list?
Solva conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.
Should our lawyer be asking questions concerning flooding during the conveyancing in Solva.
Flooding is a growing risk for conveyancers dealing with homes in Solva. There are those who buy a house in Solva, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, however there are a number of checks that can be carried out by the buyer or by their conveyancers which should give them a better appreciation of the risks in Solva. The conventional set of property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the owner to determine whether the property has suffered from flooding. If the property has been flooded in past which is not disclosed by the owner, then a purchaser may bring a claim for damages as a result of such an inaccurate reply. The buyer’s lawyers may also commission an enviro search. This will higlight if there is any known flood risk. If so, further investigations will need to be made.
How does conveyancing in Solva differ for new build properties?
Most buyers of new build premises in Solva come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Solva typically purchase the site, 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 conveyancers 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 Solva or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Solva is where the house is located. Can you shed any light on this issue?
Flying freeholds in Solva are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Solva you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Solva may ascertain 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 property.
I have been sourcing a conveyancing solicitor in Solva for my home move. Is there any facility to check a solicitor's record with the profession’s regulator?
Anyone may read presented Solicitor Regulator Association (SRA) determinations arising from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For information Pre 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, dial +44 (0)121 329 6800. The regulator could monitor telephone calls for training requirements.