Unfortunately I am unable to travel far from Great Wyrley. Is there a reason why all Great Wyrley property lawyers aren't automatically on all bank panels?
Lenders point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The dismissal 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 outcome included recommendations for lenders to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in lenders culling less reputable firms off their official list of approved solicitors .
My lawyer has discovered a a problem with the lease for the apartment we are purchasing in Great Wyrley. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must ensure that the bank is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. 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 conveyancer will have no choice but to discontinue acting for you.
Why do I have to pay up front for conveyancing in Great Wyrley?
If you are buying a property in Great Wyrley your lawyer will request that you put them with funds to cover the search fees. Normally this is asked for to cover the fees of the conveyancing searches. When the down payment is as part of the sale price then this should be needed immediately in advance of contracts are exchanged. The closing balance that is needed will be payable a couple of days prior to the completion date.
When it comes to mortgage companies such as HSBC, do Great Wyrley solicitors face a fee to be on the list of approved solicitors?
We are not aware of any bank fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
Can I be sure that the Great Wyrley conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Great Wyrley obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer handling your conveyancing.
I am due to exchange contracts on my flat. I had a double glazing fitted in May 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Bank of Ireland are being a right pain. The Great Wyrley solicitor who is on the Bank of Ireland conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Bank of Ireland are requiring a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Please can you clarify what my options are where my Great Wyrley conveyancing searches reveals adverse results?
Usually, almost all issues that arise in Great Wyrley conveyancing search results can be dealt with ahead of completion or indemnity insurance can be taken. It is crucial to note that although you may be purchasing the property and might be content to live with the search results, your lender may not, and when all said and done have the final decision.