I am in the process of selling my home in Fowey and the estate agent has just telephoned to warn that the purchasers are changing their conveyancer. The excuse is that the bank will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Fowey ?
UK lenders 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 Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 not going to have any impact on this.
I had intended to instruct a property lawyer in Fowey for our house move. Our financial adviser has since advised us that our mortgage lenders Bank of Ireland won't deal with them. Surely this is unfair competition?
A mortgage company will require an approved conveyancer act for it. You would be expected to meet the charges for this. Please make use of our directory service to find a solicitor to conduct conveyancing in Fowey on the Bank of Ireland conveyancing panel.
I just acquired a flat at auction in Fowey. Conveyancing is necessary. What happens now?
Now that you are for all intents and purposes signed on the dotted line you will need to instruct a conveyancing practitioner as a matter of urgency as you will have a tight a fixed date to complete the deal. Every auction property should have an associated auction set of papers. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the legal papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You need to give this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that your finances are organised to complete on the on the contractual date .
I currently have a mortgage with Santander for my property in Fowey. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Santander?
Your original mortgage agreement with Santander will provide that you need their approval before renting your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. It should not be necessary to do this via a Santander conveyancing panel lawyer.
After months of negotiation I have agreed a price on a house in Fowey. My financial adviser pressured me to appoint their solicitor. I paid an advanced payment of £150. A few days later, the conveyancer contacted me embarrassingly acknowledging that they were not on the Yorkshire BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Yorkshire BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Fowey. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Fowey
There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
Online research suggests that Fowey solicitors are more expensive than Fowey conveyancers in Fowey when it comes to buying a property. So is it better if I use a conveyancer or a solicitor if I am buying for my home move in Fowey.
When it comes to conveyancing in Fowey the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.