Unfortunately I am unable to travel far from Bourton on the Water. Is there a reason why all Bourton on the Water lawyers aren't automatically on all bank panels?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lenders to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in lenders removing less reputable firms from their books of approved solicitors .
Our conveyancer has uncovered a defect with the lease for the apartment we are buying in Bourton on the Water. The other side have offered title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the bank is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. 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.
Our mortgage company has suggested solicitors on their panel based in Bourton on the Water but I would rather use a conveyancing lawyer in Bourton on the Water or nearer to where I live. Can you help?
The minority of Bourton on the Water conveyancing firms are approved and listed on all banks conveyancing panel. Do make the most of our search tool to find a Bourton on the Water conveyancing firm on the on the lender panel.
Will our solicitor be asking questions concerning flooding as part of the conveyancing in Bourton on the Water.
Flooding is a growing risk for solicitors dealing with homes in Bourton on the Water. There are those who purchase a property in Bourton on the Water, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, however there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Bourton on the Water. The conventional set of property information forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to discover whether the property has suffered from flooding. If flooding has previously occurred and is not notified by the vendor, then a buyer may issue a claim for damages as a result of such an misleading reply. A purchaser’s lawyers may also carry out an environmental search. This should indicate whether there is any known flood risk. If so, more detailed inquiries should be conducted.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Bourton on the Water. I happened to discover a web site which looks to be the perfect solution If there is a chance to get all this stuff done via phone that would be preferable. Should I 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?