I am one month into the sale of my home in Wilton and the estate agent has just e-mailed to advise that the buyers are switching conveyancer. The excuse is that the bank will only work with solicitors on their approved list. Why would a leading lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Wilton ?
Lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to oversee. 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.
My wife and I intend to remortgage our flat in Wilton with Coventry BS. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the Coventry BS conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Coventry BS conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Coventry BS. This is solely used to protect Coventry BS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Coventry BS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Are the BSA intent on creating a search tool with a view to to identify firms on the Melton Mowbray Building Society conveyancing panel for instance in Wilton?
We are not aware of any plans on the part of the BSA to promote such a tool.
What is your number one tip for finding a conveyancing solicitor in Wilton
It would be unwise to be swayed by the lowest Wilton conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
is it true that all Wilton conveyancing solicitors on the Leeds Building Society conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel and in such a situation the organisation would be overseen by the Council of Licensed Conveyancers.
I am selling my apartment. I had a double glazing fitted in April 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, UBS are being pedantic. The Wilton solicitor who is on the UBS conveyancing panel is saying indemnity insurance will be fine but UBS are insisting on a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have been on the look out for a flat up to £195,000 and identified one close by in Wilton I like with open areas and station in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Wilton suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
Can you shed any light on the aspects of conveyancing provided by Wilton conveyancing organisations?
The majority of Wilton conveyancing solicitors can handle a number of services to domestic and agricultural land proprietors, sellers, buyers, freeholders and tenants including the following:
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Home sale conveyancing in Wilton or elsewhere in the country
House purchase conveyancing in Wilton and beyond
Planning and boundary enquiries Equity transfer between partners and families All types of leasehold property including, flats and maisonettes Non-contentious landlord & tenant matters