My fiance and I are looking to purchase a house in Banwell and have instructed a Banwell conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. National Westminster Bank have this morning contacted us to inform me that they have now hit a problem as our Banwell lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also act for the purchaser's lender. 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 property lawyer 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Banwell solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our lawyer has discovered a a problem with the lease for the flat we are buying in Banwell. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer has advised that he must ensure that the lender is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the mortgage company 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 bank are the client. These conveyancing instructions have to be complied with.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Banwell is the location of the property. What do you suggest?
Flying freeholds in Banwell are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Banwell you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Banwell may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Do I need to be suspicious about estate agents that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a High Street Banwell conveyancing company?
As is the case with many service providers, often referrals from connections can be worth their weight in gold. Yet there are many players in a conveyancing transaction; estate agents, financial adviser and lenders may put forward solicitors to select. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying financial incentive behind the recommendation. You have the right to select your preferred lawyer. You need to be aware that many banks operate an approved list of law firms you have to use for the lender aspect of your transaction.
My brother has suggested that I instruct his conveyancing solicitors in Banwell. Should I find my own solicitor?
Much as we are happy to recommend a Banwell conveyancing lawyer the best way to find a conveyancing solicitor is to have recommendations from friends or relatives who have experience in using the conveyancer that you are contemplating using.