I can't travel far from Broadway. Please clarify why all Broadway property lawyers aren't automatically on all bank panels?
Banks normally restrict either the type or the number of conveyancing firms on their panel. A common example of such criteria being that the firm needs to have two or more partners. In addition to restricting the structure of firm, some banks made a decision to limit the number of organisations they allow to act for them. You should note that mortgage companies have no liability for the standard of advice given by any Broadway conveyancer on their panel. Mortgage fraud was the key driver in the reduction of conveyancing panels in the last decade notwithstanding that there are contrary assessments concerning the extent of solicitor involvement in some of that fraud. Statistics from HMLR indicates that thousands of law practices only transact one or two conveyances a year. Those advocating conveyancing panel culls ask why conveyancing firms should have any entitlement to remain on a conveyancing panel when it is evident that conveyancing is not their speciality?
Our Broadway solicitor has uncovered a difference between the information in the home valuation report and what is revealed within the conveyancing documents. My lawyer says that he is duty bound to check that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
It is a dozen years since I bought my home in Broadway. Conveyancing solicitors have now been instructed on the sale but I can't locate my title deeds. Is this a problem?
You need not be too concerned. Firstly the deeds may be kept by your mortgage company or they may be in the possession of the conveyancers who acted in the purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Nearly all conveyancing in Broadway involves registered property but in the unlikely event that your property is not registered it adds to the complexity but is resolvable.
Should commercial conveyancing searches disclose impending roadworks that may affect a commercial site in Broadway?
Its becoming the norm that commercial conveyancing solicitors in Broadway will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Broadway. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Broadway.
For every commercial conveyancing transaction in Broadway it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Broadway commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Broadway.
Due to the encouragement of my in-laws I had a survey completed on a house in Broadway before appointing conveyancers. I have been told that there is a flying freehold element to the property. The surveyor advised that some mortgage companies may not grant a mortgage on this type of premises.
It varies from the lender to lender. Lloyds has different instructions for example to Halifax. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Broadway. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Broadway to see if the conveyancing costs will increase in light of this.