I am one month into the sale of my apartment in Fowey and the EA has just called to warn that the purchasers are switching property lawyer. The reason given is that the lender will only work with property lawyers on their approved list. Why would a leading lender only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Fowey ?
UK lenders have always had panels of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. No lender will say 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. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
Are you able to vouch for a Halifax sanctioned Fowey conveyancing solicitor that can complete within less than a month? Would it be better to use a local Fowey conveyancer or a factory type conveyancer?
We would be happy to suggest some excellent Fowey conveyancing firms. You can also walk up the high street in Fowey. Visit a couple of law practices and ask to see a conveyancing solicitor for a fee estimate. Discuss your requirements together with the reasons and get a commitment on speed. Appoint the lawyer that genuine.
I had intended to instruct a property lawyer in Fowey for our house move. Our broker has since notified us that our bank The Royal Bank of Scotland won't deal with them. Surely this is unduly restrictive?
Before the recession most lenders had an appetite for risk which was higher than today. Almost all Fowey conveyancing firms would have been on many lender panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms concerning their operations and their employees as well as set certain criteria such a completing on a minimum number of transactions. Many Fowey conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Fowey is one of the many locations where the solicitors we list are are approved The Royal Bank of Scotland.
I own a terraced Victorian house in Fowey. Conveyancing solicitor acted for me and Clydesdale. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold with the exact same address. Is it worth asking Clydesdale to clarify?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Fowey and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing practitioner who conducted the purchase.
Expecting to exchange soon on a leasehold property in Fowey. Conveyancing lawyers inform me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Fowey should include some of the following:
The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Setting out your rights in respect of common areas in the building.For example, does the lease contain a right of way over an accessway or staircase? Information concerning the obligations as set out in the lease to pay service charges - in respect of the block, and the more general rights a leaseholder enjoys Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? Where does the liability rest for maintaining the window frames
Leasehold Conveyancing in Fowey - Examples of Questions you should ask before buying
What prohibitions are there in the Fowey Lease? Are any of leasehold owners in arrears of their service charge payments? The best form of lease structure is a share of the freehold. In this scenario the lessees enjoy being in charge if their destiny and notwithstanding that a managing agent is frequently retained where it is bigger than a house conversion, the managing agent employed by the leaseholders.