I am not well enough to travel far from New Forest. Is there a reason why all New Forest solicitors aren't included on all bank panels?
Banks ordinarily restrict either the nature or volume of conveyancing firms on their panel. Frequent examples of such criteria being that a practice needs to have two or more partners. In addition to restricting the nature of firm, some building societies made a decision to restrict the number of organisations they use to represent them. It is worth noting that banks have no responsibility for the quality of conveyancing supplied by any New Forest property lawyer on their approved list. Mortgage fraud was the key driver in the rationalisation of conveyancing panels from 2008 notwithstanding that there are opposing views concerning the extent of solicitor involvement in some of that fraud. Statistics published by the Land Registry exposes that thousands of conveyancing firms only carry out less than three conveyances annually. Those advocating conveyancing panel cuts question why conveyancing firms should have any entitlement to be on a conveyancing panel when it is apparent that property law is not their primary expertise?
All was ready to complete my purchase in New Forest next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the lender expect the insurance to cover?
All property lawyers on acting for banks 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 requirements. These obligations are not unique to conveyancing in New Forest.
My partner and I are selling our property in New Forest and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. A local conveyancer would know that there is no such problem. It does beg the question why the buyers instructed an online conveyancing practice as opposed to a conveyancing solicitor in New Forest. We have lived in New Forest for many years we know of no issue. Should we get in touch with our local Authority to obtain clarification need.
It would appear that you have a conveyancing solicitor already. What do they say? You should check with 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 ailment)
I am looking for a ground for flat up to £235,500 and found one close by in New Forest I like with open areas and transport links in the vicinity, however it only has 51 remaining years left on the lease. I can't really find anything else in New Forest suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
My partner and I are acquiring a studio flat in New Forest. When we first instructed conveyancer, they told us that they were on all mainstream lender panels. The mortgage broker emailed just now to say that they don't seem to be on the Leeds Building Society approved list. Were it to be true, what should we do? Do we just find a new lawyer that is on their panel or do we cover the costs for dual representation, with Leeds Building Society selecting their own approved conveyancer.
If you are buying a property with the assistance of a mortgage it is standard for the buyer’s lawyers to also represent the purchaser's lender. In order to act for a bank or building society a solicitor has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the conveyancer has to meet. Some mortgage companies now insist their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact Leeds Building Society to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Leeds Building Society's conveyancing panel as you are at liberty to use your preferred New Forest lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.