My fiance and I are planning to buy a flat in Abercynon and have appointed a Abercynon conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Nationwide Building Society have this morning contacted us to advise us that there is now an issue as our Abercynon lawyer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property needing a mortgage it is conventional for the purchasers' solicitors 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 Accreditation Scheme. Your solicitor should contact your bank 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 as you are at liberty to use your preferred Abercynon lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My solicitor has uncovered a defect with the lease for the flat we are buying in Abercynon. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that he must ensure that the mortgage company is happy with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. These conveyancing instructions must be adhered to.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Is the implication that I have to appoint their panel lawyer as I would prefer to use a specialised conveyancing solicitor in Abercynon?
You should check but the chances are that appoint one of their panel lawyers if you want the "fee-free" incentive. Speak to the bank to ask if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Abercynon.
Do commercial conveyancing searches reveal planned roadworks that could affect a commercial property in Abercynon?
Its becoming the norm that commercial conveyancing solicitors in Abercynon will conduct a SiteSolutions Highways report as it reduces the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Abercynon. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Abercynon.
For every commercial conveyancing transaction in Abercynon it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Abercynon commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Abercynon.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The conveyancers who handled the conveyancing in Abercynon 10 years ago no longer exist. What are my options?
These day there are copies made of almost everything, and your lawyer should be aware exactly where to find all the suitable documentation so you can buy or dispose of your property without any difficulty. Where copies are not available, your conveyancer may be able to arrange cover in the form of insurance or indemnities against future claims on your property.