I had intended to instruct a property lawyer in Rendlesham for our home move. Our broker informed us that our mortgage company The Mortgage Works won't deal with them. Surely this is unfair competition?
Lenders normally restrict either the category or the volume of conveyancing firms on their member panel. A common example of such criteria being that a firm must have two or more partners. In addition to restricting the profile of firm, a few banks have reduced the amount of firms they allow to represent them. Be aware that The Mortgage Works have no responsibility for the quality of advice provided by any member of The Mortgage Works Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels since 2008 even though there are mixed views concerning the level of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that thousands of law firms, including some in or near Rendlesham only perform very few conveyances per annum.
If you had a top tip for choosing a conveyancing solicitor in Rendlesham what would it be?
Do not opt for the cheapest Rendlesham conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I can not work out if my bank requires a lease extension. I have called my Rendlesham bank branch on numerous occasions and was told they are content with the situation and they will lend. My Rendlesham conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the lawyer is on the mortgage company approved list, they must follow the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Intending to buy a flat in Rendlesham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Aldermore conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Rendlesham conveyancer is on the Aldermore conveyancing panel.
My wife and I are downsizing from our home in Rendlesham and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. Any local lawyer would know this is not the case. For the life of me I don't know why the purchasers are using an internet conveyancing outfit rather than a conveyancing solicitor in Rendlesham. We have lived in Rendlesham for many years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain clarification need.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You need to 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 ailment)
Are there restrictive covenants that are commonly picked up as part of conveyancing in Rendlesham?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Rendlesham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Our solicitor in Rendlesham has identified a defect with the lease for the apartment we are buying in Rendlesham. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.