I can't travel far from Saundersfoot. Please spell out why all Saundersfoot property lawyers aren't automatically on all lender panels?
Banks ordinarily restrict either the nature or the number of conveyancing solicitors on their panel. Typical examples of such restriction(s) being that a firm is required to have at least two partners. In addition to restricting the type of firm, some building societies decided to restrict the size of their panel they permit to act for them. It is worth noting that mortgage companies have no liability for the standard of service provided by any Saundersfoot solicitor on their panel. Increases in mortgage fraud was the key driver in the culling of conveyancing panels a few years ago notwithstanding that there are differing points of view about whether solicitors sat at the center of that fraud. Statistics via HMLR indicates that thousands of conveyancing practices only transact one or two conveyances a year. Those advocating conveyancing panel consolidation question why law firms should have any entitlement to remain on a bank panel when it is evident that property law is not their primary expertise?
Our Saundersfoot lawyer has identified an inconsistency between the surveyor’s assumptions in the valuation report and what is in the conveyancing documents. My solicitor has advised that he is duty bound to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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.
It is is a decade since I acquired my property in Saundersfoot. Conveyancing lawyers have now been instructed on the sale but I am unable to find the title documents. Will this cause complications?
Don’t worry too much. Firstly the deeds may be with your mortgage company or they may still be with the solicitor who acted in your purchase. Secondly in most cases the title will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. Nearly all conveyancing in Saundersfoot involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
Should our lawyer be raising enquiries about flooding during the conveyancing in Saundersfoot.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Saundersfoot. There are those who purchase a property in Saundersfoot, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, however there are a various checks that can be carried out by the buyer or by their solicitors which should give them a better appreciation of the risks in Saundersfoot. The conventional set of property information forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the seller to find out if the premises has historically flooded. In the event that flooding has previously occurred and is not notified by the vendor, then a purchaser may bring a compensation claim stemming from an incorrect response. The purchaser’s solicitors should also carry out an enviro search. This will higlight whether there is a recorded flood risk. If so, more detailed investigations should be initiated.
My husband and I are purchasing a three bedroom first floor flatin Saundersfoot with a home loan from a mortgage company. We have a lawyer in Saundersfoot but our mortgage company advise he's not on their "panel". Apparently we need to choose from the our lender panel firms or stay with our Saundersfoot conveyancer and incur the extra costs for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that our bank use our Saundersfoot lawyer?
Unfortunately,no. The mortgage company mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank's conveyancing panel. in the past, most lenders had open panels, including most conveyancing solicitors in Saundersfoot : 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 lawyer to apply to be on the conveyancing panel for your mortgage company.