Me and my partner are purchasing a 1 bedroom apartment in Stevenage with a mortgage. We wish to retain our Stevenage solicitor, but the bank says he's not on their "panel". It seems we have no option but to select one of the bank panel conveyancing practices or keep our Stevenage solicitor as well as pay for one of their panel ones to represent them. We regard this is inequitable; can we not insist that the bank use our Stevenage solicitor ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Stevenage conveyancing solicitor to apply to be on the conveyancing panel.
All was ready to complete my purchase in Stevenage next Friday. My 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 mortgage company. What does the insurance need to cover?
All property lawyers on acting for banks 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 Part 2 conditions. These requirements are not limited to conveyancing in Stevenage.
As a novice what is the most important piece of guidance you can impart regarding purchase conveyancing in Stevenage?
Not many law firms shout this from the rooftops but conveyancing in Stevenage and elsewhere in England and Wales is often a confrontational process. In other words, when it comes to conveyancing there is an abundance of opportunity for confrontation between you and other parties involved in the transaction. For example, the vendor, selling agent and even potentially a bank. Selecting a law firm for your conveyancing in Stevenage is a critical decision as your conveyancer is your adviser, and is the ONE person in the process whose responsibility is to look after your best interests and to protect you.
On occasion a potential adversary will try and sway you that you should follow their advice. For instance, the estate agent may claim to be helping by claiming that your lawyer is slow. Or your financial adviser may tell you to do take action that is against your lawyers guidance. You should always trust your lawyer above all other parties in the home moving process.
Should our lawyer be raising enquiries concerning flooding as part of the conveyancing in Stevenage.
The risk of flooding is if increasing concern for lawyers dealing with homes in Stevenage. Plenty of people will purchase a house in Stevenage, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or by their lawyers which can give them a better understanding of the risks in Stevenage. The standard completed inquiry forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to determine whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not notified by the vendor, then a buyer may issue a claim for damages stemming from an inaccurate response. The purchaser’s lawyers may also carry out an environmental report. This should disclose whether there is a recorded flood risk. If so, more detailed inquiries should be carried out.
My husband and I are FTB’s - had an offer accepted, yet the property agent has warned us that the vendor will only move forward if we appoint their chosen lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer used to conveyancing in Stevenage
It is highly unlikely the sellers are driving this. If they desire ‘a quick sale', turning down a genuine buyer is likely to cause more damage than good. Speak to the owners direct and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)however you will continue to instruct your preferred Stevenage conveyancing firm - not the ones that will give the negotiator at the agency a introducer fee or hit his conveyancing thresholds pre-set by HQ.
My solicitors in Stevenage have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the bank directly.