I am selling my flat in Waterhouses and the estate agent has just called to say that the buyers are swapping property lawyer. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. On what basis would a major mortgage company only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Waterhouses ?
UK lenders have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions 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 oversee. Banks tend not to reveal 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. 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. The buyers are not going to have any impact on this.
Our solicitor has discovered a defect with the lease for the property we are buying in Waterhouses. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner has advised that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with 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 solicitor will have no choice but to discontinue acting for you.
I have todaybecome aware that Action Conveyancing have been shut down. They carried out my conveyancing in Waterhouses for a purchase of a leasehold flat 10 months ago. How can I be sure that my home is not still registered in the name of the former proprietor?
The quickest way to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Waterhouses conveyancing specialists.
I am purchasing my first flat in Waterhouses with the aid of help to buy. The sellers refused to budge the amount so I negotiated 6k of additionals instead. The sale representative told me not inform my lawyer about the side-deal as it would adversely affect my mortgage with Alliance & Leicester . Should I keep quiet?.
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.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Waterhouses is the location of the property. Can you shed any light on this issue?
Flying freeholds in Waterhouses are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Waterhouses you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Waterhouses may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am 17 days into a freehold purchase having been recommend to conveyancers by the estate agent to do our conveyancing in Waterhouses. I am am extremely dissatisfied with the quality of service. Could you you assist me in finding new solicitors?
A conveyancer would have to be really bad to suggest replacing them. Has your loan offer been sent? If so you will need to make them aware of the replacement conveyancer and get the offer are issued to the new lawyers. Your solicitor ideally needs to be on the lenders panel to avoid escalating expenses and delays. That should be your first question of the new solicitors. The search tool should help you find a bank approved conveyancer for your home move in Waterhouses