I am nearing exchange of contracts for my home in Symonds Yat and the estate agent has just text me to say that the purchasers are appointing a new solicitor. The excuse is that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a big named lender only work with certain law firms rather the firm that they want to appoint for their conveyancing in Symonds Yat ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal 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. Your buyers are unlikely to have any impact on this.
Due to move into my new home in Symonds Yat next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor 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?
Any lawyer 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 UK Finance Lenders’ Handbook instructions. These obligations are not unique to conveyancing in Symonds Yat.
If you had a top tip for selecting a conveyancing solicitor in Symonds Yat what would it be?
We would encourage you not to go for the cheapest Symonds Yat conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
What is the difference between a licensed conveyancer and conveyancing solicitor in Symonds Yat
Two types of professional can conduct conveyancing in Symonds Yat namely CLC regulated conveyancers or solicitors. Both professionals handle conveyancing services that you need to complete the disposal or purchase of property. They are both required to conduct Symonds Yat conveyancing on similar standards and guidelines so you may be sure that your conveyancing will be properly carried out and that all necessary steps will be accurately adhered to.
We had appointed conveyancing lawyers located in Symonds Yat on the Kent Reliance solicitor panel. They are now charging me an additional amount for dealing with the Kent Reliance mortgage. Is this a supplemental conveyancing fee specified by Kent Reliance?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your solicitor can levy a fee for this. The fee is not dictated by Kent Reliance but by your Symonds Yat conveyancer. Numerous firms on the Kent Reliance panel will levy an ‘acting for lender’ fee but many practices incorporate it on their overall fee.
Various online forums that I have frequented warn that are the primary cause of obstruction in Symonds Yat house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in Symonds Yat.
Do I need to be suspicious by third parties that I am dealing with are recommending an internet conveyancing firm rather than a local Symonds Yat conveyancing practice?
As with many professional services, often recommendations from connections can be extremely useful or valuable. But there are many people with a vested interest in a conveyancing matter; estate agents, financial adviser and mortgage companies may suggest conveyancers to choose. On occasion these solicitors might be known to one of the organisations as one of the best in their field, but sometimes there exists a financial incentive behind the endorsement. You have the discretion to appoint your own conveyancer. You need to be aware that most lenders operate an approved list of law firms you are obliged to use for the lender related work in your transaction.
I am in the process of purchasing my 1st property in Symonds Yat. Conveyancing solicitor has been appointed. The broker suggested that a survey is not needed as the house was only built 22 years ago.
The bare minimum you need a Home Buyer's Report. As the residence is over 10 years old the property will not come with a warranty, so you don't want to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report may be sufficient. The report should highlight any apparent issues and recommend additional investigation where relevant. If there are any signs of material issues seek a full structural survey.