I am selling my house in Ash and the estate agent has just text me to warn that the purchasers are appointing a new conveyancer. The excuse is that the bank will only engage with property lawyers on their approved list. On what basis would a major mortgage company only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Ash ?
Banks have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been tightened 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 claims that it is being contacted daily by practices 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. Your purchasers are not going to have any sway in the decision.
My conveyancer has discovered a defect with the lease for the property we are buying in Ash. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that he must check that the lender is happy with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
Should our lawyer be making enquiries about flooding as part of the conveyancing in Ash.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Ash. There are those who purchase a property in Ash, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a various checks that can be carried out by the buyer or by their solicitors which should figure out the risks in Ash. The conventional set of information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to determine if the property has ever been flooded. In the event that flooding has previously occurred which is not notified by the seller, then a buyer may bring a claim for damages stemming from an inaccurate response. A buyer’s solicitors should also conduct an enviro search. This will indicate if there is a recorded flood risk. If so, additional investigations should be carried out.
The deeds to my house can not be found. The conveyancers who did the conveyancing in Ash 5 years ago no longer exist. What are my next steps?
In today’s world there are copies made of almost everything, and your lawyer should be aware precisely where to locate all the suitable paperwork so you can buy or sell your house without a hitch. If copies can’t be located, your solicitor may be able to put in place insurance or indemnities protecting you against future claims on your premises.
We're first time buyers - had an offer accepted, but the agent advised that the seller will only proceed if we use their chosen conveyancers as they are insisting on an ‘expedited deal’. We would rather use a high street conveyancer with experience of conveyancing in Ash
We suspect that the owner is not behind this demand. If they desire ‘a quick sale', taking such a hostile approach to a serious buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the sellers and explain that (a)you are motivated purchasers (b)you are ready to go, with finances in place © you are chain free (d) you intend to proceed fast (e)however you will continue to instruct your own,trusted Ash conveyancing firm - not the ones that will give their estate agent a introducer fee or achieve conveyancing figures demanded by head office.