I have just been advised by my IFA that my St Margarets solicitor is not on the lender Conveyancing panel. What can I do to be certain whether this is indeed the case?
You need to call your St Margarets lawyer directly. You lawyer should advise you what has happened. If they are not on the panel they may recommend you to a St Margarets conveyancing practice that is on the conveyancing panel for your lender.
Our solicitor has uncovered a a problem with the lease for the flat we are purchasing in St Margarets. The other side have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the bank is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 solicitor will have no choice but to discontinue acting for you.
My aunt passed away six months ago and as sole heir and executor I was left the house in St Margarets. The house had a relatively small loan remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this allowed?
Given you intend to re-mortgage then Barclays will insist on your using a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
How does conveyancing in St Margarets differ for newly converted properties?
Most buyers of new build premises in St Margarets contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is ready to move into. This is because house builders in St Margarets usually acquire 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 conveyancing solicitors 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 accustomed to new build conveyancing in St Margarets or who has acted in the same development.
I was advised by numerous selling agents in St Margarets to locate a solicitor using your seach tool. Is there a financial incentive for Estate Agents to market your services over another?
We don’t give any financial incentive for pointing buyers and sellers in our direction. We found it would be just too difficult to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My brother has recommend that I instruct his lawyers for conveyancing in St Margarets. Should I use them?
No doubt the best way to select a conveyancing solicitor is to get feedback from friends or family who have actually used the conveyancer you're contemplating using.