I am one month into the sale of my ground floor flat in Tintern and the EA has just text me to advise that the purchasers are switching solicitor. The reason given is that the lender will only deal with solicitors on their approved list. Why would a major lender only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Tintern ?
Banks have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions attribute this action to a rise in fraud as the reason for the reduction – criteria have been stiffened 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 says it is hearing daily from firms that have been removed from panels. Plenty of firms 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 not going to have any sway in the decision.
Our lawyer has identified a a problem with the lease for the property we are purchasing in Tintern. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the bank is content with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. The appropriate lender provisions must be adhered to.
The Tintern conveyancing lawyers that I appointed last week on my purchase in Tintern have suddenly shut down. They were on acting for me because I needed a lawyer on the Bank of Ireland conveyancing panel and my preferred Tintern lawyer was not. I gave my credit card details for them to take £195 for searches. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Bank of Ireland conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
I am looking for a flat up to £305k and found one close by in Tintern I like with amenity areas and transport links nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Tintern suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
My company is hoping to take over a lease of an office on the high street. Can you recommend conveyancers offering no-sale-no fees for non-domestic conveyancing in Tintern for under 2k?
We can recommend firms who have specialist knowledge of commercial conveyancing in Tintern, including the sale and purchase of businesses as well as simply premises. If you are intending to purchase or sell a shop, pub, restaurant, office, retail unit or a complete business we can find you the right firm. As for the costs these will vary based on the structure and terms of the deal. Let us have your contact information or telephone so as to enable us to furnish you with a fixed commercial conveyancing calculation.
My estate agent has recommended their solicitor for the conveyancing in Tintern - Is it not simpler easier to just instruct them?
It is not always the case and you are entitled to opt for whichever solicitor of your choosing for your Tintern home move. The conveyancing practitioner put forward by a 3rd party adviser may not always be the best solicitor, they may suggest their preferred conveyancing firm who are based far away. In this instance you may not have contact with your lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain updates.