I am in the process of selling my flat in Wendover and the EA has just text me to advise that the purchasers are changing their conveyancer. The reason given is that the bank will only engage with solicitors on their approved list. On what basis would a leading lender only deal with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Wendover ?
UK lenders have always had panels of law firms that can act for them, but in the past few 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 decades.
Banks justify this action to a rise in fraud by way of justification for the pruning – 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. 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 unlikely to have any sway in the decision.
We wanted to use a property lawyer in Wendover for our home move. Our broker has since advised us that our bank Santander won't deal with them. Why is this not regarded as unfair competition?
Banks on the whole restrict either the type or the amount of conveyancing firms on their panel. Typical examples of such restriction(s) being that a law practice must have two or more partners. As well as restricting the type of firm, a few banks have reduced the number of firms they use to represent them. You should note that Santander have no responsibility for the quality of advice provided by any member of Santander Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels a few years ago even though there remains mixed opinions concerning the level of solicitor engagement in some of that fraud. Data from the Land Registry reveal that plenty of law firms, including some in or near Wendover only carry out a couple conveyances per annum.
A colleague suggested that where I am buying in Wendover I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Wendover conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Wendover around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Wendover Education with maps and statistics, Local Amenities and other useful data concerning Wendover.
I am looking for a leasehold apartment up to £235,500 and identified one near me in Wendover I like with amenity areas and railway links nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Wendover suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage that many years may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
In searching the web for the words cheap conveyancing in Wendover it shows results of many conveyancersin the vicinity. With so much choice what is the best way to find the right conveyancer for the sale of my house?
The preferential way of choosing the right conveyancer is via personal referral, so ask friends and family who have acquired a property in Wendover or the local estate agent or financial adviser. Charges for conveyancing in Wendover vary, so it's sensible to obtain at least three fee calculations from varying types of conveyancers. Make sure that you clarify that the charges are guaranteed not to escalate.
Our solicitor in Wendover has identified a defect with the lease for the flat we are purchasing in Wendover. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the bank conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank 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 mortgage company 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.