I am selling my home in Princes Risborough and the EA has just text me to warn that the buyers are swapping conveyancer. The excuse is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with specific lawyers rather the firm that they want to select for their conveyancing in Princes Risborough ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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. Your buyers are unlikely to have any sway in the decision.
When looking at online forums for an affordable solicitor in Princes Risborough, many comment that I should use a CQS kitemarked lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in the legal transfer of properties, trusted by some of the UK's leading mortgage companies. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). CQS is not a scheme offered by the Society for Licensed Conveyancers. Princes Risborough is one of the numerous areas of the UK where there are CQS solicitors.
Should our solicitor be raising enquiries concerning flooding as part of the conveyancing in Princes Risborough.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Princes Risborough. There are those who purchase a property in Princes Risborough, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, but there are a numerous searches that can be undertaken by the buyer or by their solicitors which should figure out the risks in Princes Risborough. The standard property information forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to determine whether the property has ever been flooded. In the event that flooding has previously occurred and is not revealed by the owner, then a purchaser may issue a claim for damages resulting from an incorrect answer. A purchaser’s lawyers will also order an enviro search. This should indicate if there is any known flood risk. If so, further investigations should be conducted.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Princes Risborough is the location of the property. What do you suggest?
Flying freeholds in Princes Risborough are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Princes Risborough you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Princes Risborough may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am purchasing a house and cash is in place. My solicitor has been given with 2 distinct forms of photographic ID, bank statement, endless utility bills. Now he wants a copy from a probate lawyer advising that the funds are in place and that it has come from inheritance and not via illegitimate means.
In today’s world you will not be able to complete any Princes Risborough conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Establishing of your source of funds is required under Money Laundering laws.