I am five weeks into the sale of my flat in Mynydd Isa and the estate agent has just called to warn that the buyers are appointing a new property lawyer. The reason given is that the bank will only deal with property lawyers on their approved list. On what basis would a leading mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Mynydd Isa ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose 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. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
All was ready to complete my purchase in Mynydd Isa next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These obligations are not limited to conveyancing in Mynydd Isa.
My wife and I are buying a property in Mynydd Isa. I might seem paranoid but how we can trust a lawyer? On the day of competition we will need to deposit money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am the only beneficiary of my late grandmother’s will and I have everything in my name alone, including the my former home in Mynydd Isa. The Mynydd Isa property was put into my name in January. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship may be considered the same way as if I'd bought the property in January. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. many banks would take a sensible view as this obligation principally exists to capture subsales or the flipping of properties.
Can I be sure that the Mynydd Isa conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Mynydd Isa seeking recommendations is a sensible start. 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 advertising the lowest fees. We would always recommend that you speak with the lawyer conducting your conveyancing.
I require quick conveyancing in Mynydd Isa as I have pressure to complete in less than one month. A home loan is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a mortgage free purchaser you are at liberty not to have searches carried out although no solicitor would suggest that you don't. Drawing on our experience of conveyancing in Mynydd Isa the following are instances of issues that can be revealed and therefore affect future mortgageability: Enforcement Notices, Overdue Fees, Overdue Grants, Road Schemes,...
Me and my brother have a terraced Victorian property in Mynydd Isa. Conveyancing practitioner represented me and Alliance & Leicester . I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be 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 Mynydd Isa 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 buyers. You can also enquire as to the position with the conveyancing practitioner who completed the work.