I am five weeks into the sale of my ground floor flat in Millom and the EA has just called to advise that the buyers are switching property lawyer. The excuse is that the bank will only deal with property lawyers on their approved list. On what basis would a big named lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Millom ?
Lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been narrowed 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 claims that 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. Your buyers are not going to have any sway in the decision.
My fiance and I are refinancing our maisonette in Millom with Principality. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this document specific to the Principality conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Principality. This is solely used to protect Principality if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Principality had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Millom. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 30/1/2023, the requirements read as follows :
My colleague advised me that if I am buying in Millom I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Millom conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Millom around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Millom Education with maps and statistics, Local Amenities and other useful data concerning Millom.
My cousin has recommend that I use his conveyancers in Millom. Do I follow his guidance?
Much as we are happy to recommend a Millom conveyancing lawyer the ideal way to choose a conveyancing practitioner is to get feedback from friends or family who have used the solicitor you're considering.