Unfortunately I am unable to travel far from Bilston. What is the rationale as to why all Bilston property lawyers are not on all lender panels?
Banks normally restrict either the nature or volume of conveyancing firms on their panel. A common example of such restriction(s) being that the practice is required to have two or more partners. As well as restricting the nature of firm, some have made a decision to restrict the number of conveyancers they allow to represent them. You should note that building societies have no responsibility for the accuracy of service provided by any Bilston conveyancer on their panel. Mortgage fraud was a key driver in the culling of conveyancing panels in the last decade even though there are conflicting thoughts concerning the extent of solicitor involvement in some of that fraud. Data published by HMLR exposes that thousands of law organisations only carry out a couple of conveyances annually. Those supporting conveyancing panel consolidation question why law firms deserve the right to be on a lender panel when clearly property law is not their speciality?
Our lawyer has uncovered a a legal deficiency with the lease for the flat we are purchasing in Bilston. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must ensure that the bank is happy with this solution. Who is the client here, us or the lender?
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 property 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 bank 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I am currently in the process of buying my council flat in Bilston. I have a mortgage offer with Santander. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Santander, you will need to appoint a solicitor on the Santander conveyancing panel.
Completion of my purchase has taken place for my property in Bilston. Conveyancing was a necessary evil but I would like to complain about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
About to purchase flat in Bilston. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Bilston solicitor is on the TSB conveyancing panel.
How does conveyancing in Bilston differ for newly converted properties?
Most buyers of new build premises in Bilston contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because builders in Bilston usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Bilston or who has acted in the same development.
I need to appoint a conveyancing solicitor for freehold conveyancing in Bilston. I have land on a web site which looks to be the perfect offering If it is possible to get all this stuff done via phone that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?