My husband and I are purchasing a 1 bedroom apartment in Neath Abbey with a mortgage. We like our Neath Abbey conveyancer, however the bank advise she’s not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Neath Abbey conveyancer and pay for one of their panel lawyers to represent them. We regard this is inequitable; are we not able to require that the lender use our Neath Abbey conveyancing practitioner ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Neath Abbey conveyancing lawyer to apply to be on the conveyancing panel.
Due to move into my new home in Neath Abbey next Thursday. My property lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the mortgage company expect the insurance to cover?
All property lawyers 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 UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Neath Abbey.
I am planning on selling our property in Neath Abbey and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any local conveyancer would know this is not the case. For the life of me I don't know why the purchasers are using a web based conveyancing practice rather than a conveyancing solicitor in Neath Abbey. We have lived in Neath Abbey for many years we know of no issue. Do we get in touch with our local Authority to get clarification that there is no issue.
It would appear that you have a conveyancing firm already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Neath Abbey I like with a park and transport links nearby, the downside is that it only has 49 years on the lease. I can't really find anything else in Neath Abbey for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the remaining unexpired lease term may be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
My partner and I are buying a first floor flat in Neath Abbey. At the point of instructing our solicitor, they told us that they were on all major UK bank panels. The mortgage broker contacted us just now to say that they don't seem to be on the Bank of Ireland approved list. Should that be true, what should we do? Do we simply find a different conveyancing practitioner that is on their approved list or should we cover the costs for dual representation, with Bank of Ireland selecting their own approved conveyancer.
When purchasing a property with the benefit of a mortgage it is usual for the buyer’s lawyers to also represent the mortgage company. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's conveyancing panel. An application has to be made by the solicitor to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancing practitioner has to meet. Some building societies now insist their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact Bank of Ireland to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on Bank of Ireland's conveyancing panel as you are at liberty to use your preferred Neath Abbey lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.