I am progressing with the sale of my apartment in Bedfordshire and the estate agent has just called to advise that the buyers are switching property lawyer. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Bedfordshire ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks attribute this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any sway in the decision.
My conveyancer has identified a defect with the lease for the flat we are purchasing in Bedfordshire. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must ensure that the lender is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 conveyancer will have no choice but to discontinue acting for you.
I am purchasing a garden flat in Bedfordshire. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Bedfordshire you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Bedfordshire.
I am buying a new build flat in Bedfordshire. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Bedfordshire
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I'm refinancing my current property to a BTL loan with Accord Mortgages Ltd and I will use the rest of the raised equity towards a second house. The neighborhood we are looking at is Bedfordshire. Will your conveyancers be able to act for the two lenders and tie in the transactions?
Make use of our search tool on this page to ensure that the conveyancers are approved by both banks. Assuming that they are your conveyancer should be able to simultaneously deal with the two transactions but you should have a chat with you conveyancer and specify your expectations and needs.