My partner and I are planning to purchase a property in Westbourne and have appointed a Westbourne conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Nationwide Building Society have this evening contacted us to advise us that they have now hit a problem as our Westbourne lawyer is not on their approved list of lawyers. What do we do from here?
If you are buying a property requiring a mortgage it is standard for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Westbourne solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Would the conveyancing solicitors listed on your site carry out conveyancing in Westbourne by way of an attended exchange?
There are a few conveyancing specialists carrying out 24hr exchanges. Please e-mail us to secure a costs illustration and details as to dates.
Is it necessary during the course of the conveyancing process to attend the offices of the solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Westbourne so that I can attend their offices if necessary.
As opposed to 12 years ago, most banks no longer need their conveyancing panel solicitor to witness the mortgagors signature. It will still be necessary for you to hand over identification documents and there are still manifest advantages to using a locally based solicitor, in your situation a conveyancing solicitor in Westbourne.
I note that there are debates on Chancel Insurance on online forums. Do I need this when acquiring a residence in Westbourne? or I am told that there is a law dating back centuries that means some owners of property residing in a parish church boundary may be liable to pay for maintenance towards the chancel within the church. Is this appropriate for conveyancing in Westbourne?
Unless a prior purchase of the premises completed after 12 October 2013 you may expect solicitors handling conveyancing in Westbourne to remain encouraging a chancel search and or insurance against a claim.
I am hoping to complete next month on a ground floor flat in Westbourne. Conveyancing lawyers have said that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Westbourne should include some of the following:
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Does the lease prohibit wood flooring? You need to be told what is to be regarded as a Nuisance as far as the lease is concerned How long the lease is. You should receive guidance as what happens when the lease ends, and aware of the importance of the 80 year mark Alterations to the property What the implications are if you breach a clause of your lease?
Westbourne Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying
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Best to be warned whether fixing the lift or some other significant cost is pending to be shared by the leaseholders and will dramatically increase the the service costs or require a specific invoice. The answer will be helpful as a) areas could cause problems in the block as the communal areas may start to deteriorate where maintenance remain unpaid b) if the leasehold owners have a dispute with the managing agents you will want to have complete disclosure
Our conveyancer in Westbourne has identified a a problem with the lease for the flat we are purchasing in Westbourne. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the bank conveyancing panel he must be satisfied 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 lender 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.