I am progressing with the sale of my maisonette in Warminster and the estate agent has just e-mailed to say that the buyers are appointing a new solicitor. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Warminster ?
Mortgage companies have always had panels of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 purchasers are not going to have any sway in the decision.
Due to complete my purchase in Warminster next Thursday. My conveyancing practitioner now wants me to supply her with evidence 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 risks does the lender expect the insurance to cover?
Any lawyer on acting for lenders 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 requirements. These requirements are not limited to conveyancing in Warminster.
Our bank has recommended solicitors on their panel based in Warminster but I would rather choose a conveyancing lawyer in Warminster local to me. Can you help?
Not all Warminster conveyancing practices are on all lender’s conveyancing panel. Do make the most of our find an approved solicitor tool to locate a Warminster conveyancing solicitor on the on the lender panel.
Should our lawyer be making enquiries concerning flooding as part of the conveyancing in Warminster.
The risk of flooding is if increasing concern for solicitors dealing with homes in Warminster. Some people will buy a property in Warminster, completely expectant that at some time, it may be flooded. 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 dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a various checks that can be initiated by the purchaser or by their conveyancers which should give them a better appreciation of the risks in Warminster. The standard property information forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to find out whether the premises has historically flooded. If the property has been flooded in past which is not notified by the seller, then a buyer may bring a claim for damages stemming from an incorrect reply. The buyer’s solicitors should also conduct an enviro report. This will reveal if there is a recorded flood risk. If so, more detailed investigations should be carried out.
I'm buying a new build house in Warminster with a loan from Britannia. The developers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not disclose to my solicitor about this deal as it will impact my loan with Britannia. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
The conveyancers undertaking our conveyancing in Warminster has sent papers to review that reveal that the property is unregistered with epitome documents. Surely all property in Warminster are registered?
Much of the property in Warminster is registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Many Warminster conveyancing lawyers should be capable of dealing with this type of conveyancing but where uncertainty prevails the conventional proposition these days appears to be for the current owners to register the title first and subsequently sell - this will have a domino effect to result in a prolonged conveyancing.