I am in the process of selling my apartment in Radlett and the estate agent has just called to say that the buyers are appointing a new solicitor. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. Why would a major mortgage company only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Radlett ?
UK lenders have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened 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 hearing daily from firms 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 impact on this.
Due to move into my new home in Radlett next Monday. 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 bank. What risks does the lender expect the insurance to cover?
Any lawyer on acting for mortgage companies 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 instructions. These obligations are not unique to conveyancing in Radlett.
When it comes to lenders such as Leeds Building Society, do Radlett property lawyers incur a yearly amount to be on the conveyancing panel?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Is it the case that all Radlett conveyancing solicitors on the Santander conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Santander conveyancing panel they would need to be regulated by the SRA. Many banks do permit licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
I am due to exchange contracts on my house. I had a double glazing fitted in December 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Barclays are being a right pain. The Radlett solicitor who is on the Barclays conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Barclays are insisting on a building regulation certificate. Why do Barclays have a conveyancing panel if they don't accept advice from them?
It is probably the case that Barclays have referred the matter to their valuer. The reason why Barclays may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will my solicitor be raising enquiries about flooding as part of the conveyancing in Radlett.
Flooding is a growing risk for conveyancers specialising in conveyancing in Radlett. Plenty of people will purchase a property in Radlett, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, but there are a various checks that can be undertaken by the buyer or by their conveyancers which will figure out the risks in Radlett. The conventional set of property information forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the owner to find out whether the property has suffered from flooding. If the residence has been flooded in past which is not disclosed by the owner, then a purchaser may issue a compensation claim as a result of such an misleading reply. A buyer’s lawyers will also conduct an enviro report. This will indicate if there is a recorded flood risk. If so, additional investigations will need to be made.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Radlett is the location of the property. Can you offer any assistance?
Flying freeholds in Radlett are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Radlett you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Radlett may decide 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.