We are hoping to purchase a 3 bedroom flat in Walton on the Naze with a mortgage. We like our Walton on the Naze lawyer, however the mortgage company advise he's not on their "panel". We have to appoint one of the lender panel solicitors or keep our Walton on the Naze property lawyer as well as pay for one of their panel firms to act for them. We regard this is inequitable; can we not insist that the bank use our Walton on the Naze lawyer ?
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 Walton on the Naze conveyancing solicitor to apply to be on the conveyancing panel.
We wanted to use a property lawyer in Walton on the Naze for our house move. Our financial adviser informed us that our bank Barnsley Building Society won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most mortgage companies had a different appetite for risk. Almost all Walton on the Naze conveyancing firms would have been on most bank panels. The financial services regulator in 2010 completed a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms concerning their operations and their employees and set certain criteria such a completing on a minimum volume of transactions. Many Walton on the Naze conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Walton on the Naze is amongst the hundreds of areas where the conveyancers we recommend are on the panel for Barnsley Building Society.
I am selling our house in Walton on the Naze and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. A local lawyer would know that there is no such problem. It does beg the question why the buyers are using a factory type conveyancing practice as opposed to a conveyancing solicitor in Walton on the Naze. Having lived in Walton on the Naze for 4 years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain clarification need.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I have been on the look out for a leasehold apartment up to £305k and found one close by in Walton on the Naze I like with a park and transport links in the vicinity, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Walton on the Naze suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I need to instruct a conveyancing solicitor for leasehold conveyancing in Walton on the Naze. I've land on a web site which looks to be the ideal answer If there is a chance to get all formalities completed via phone that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Our conveyancer in Walton on the Naze has discovered a a problem with the lease for the property we are buying in Walton on the Naze. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that as he is on the lender conveyancing panel he must ensure that the lender 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 mortgage company are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank 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 lawyer will have no choice but to discontinue acting for you.