I am one month into the sale of my house in Silsoe and the estate agent has just telephoned to warn that the purchasers are switching law firm. The reason given is that the lender will only deal with solicitors on their approved list. Why would a big named mortgage company only engage with certain law firms rather the firm that they want to select to handle their conveyancing in Silsoe ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, 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 justify this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that 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 not going to have any impact on this.
Our Silsoe lawyer has spotted a difference when comparing the surveyor’s assumptions in the valuation report and what is revealed within the legal papers for the property. My lawyer informs me that he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action correct?
Your conveyancer 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.
We're in Silsoe, First time buyers purchasing with a mortgage (lender is Coventry BS , and our lawyer is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
When it comes to mortgage companies such as Aldermore, do Silsoe lawyers have to pay an annual charge to be on the conveyancing panel?
We are not aware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I am due to exchange contracts on my flat. I had a double glazing fitted in December 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Yorkshire BS are being a right pain. The Silsoe solicitor who is on the Yorkshire BS conveyancing panel is saying indemnity insurance will be fine but Yorkshire BS are requiring a building regulation certificate. Why do Yorkshire BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Yorkshire BS have referred the matter to their valuer. The reason why Yorkshire BS 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.
I have finally had an offer on a flat in Silsoe agreed to, but there is a chain. The vendors have placed an offer on somewhere, but it’s not yet tied up, and have viewings of other properties booked. I have selected a bricks and mortar conveyancing solicitor in Silsoe. What do I do now? When do I get the mortgage application with Skipton going?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx £1k, then valuation, Silsoe conveyancing search fees, etc). The first course of action is to check that your lawyer is on the Skipton conveyancing panel. As to the next steps this very much depends on the uniqueness of your case, attraction to this property and on the state of the market. In a hot market some home buyers will apply for a home loan with Skipton and pay for the valuation and only if it was satisfactory would they pay their solicitor to proceed with the conveyancing in Silsoe.
Should our lawyer be raising questions regarding flooding during the conveyancing in Silsoe.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Silsoe. There are those who purchase a property in Silsoe, fully expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a numerous searches that can be carried out by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Silsoe. The conventional set of information supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a usual question of the seller to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not disclosed by the vendor, then a purchaser may commence a legal claim for losses as a result of such an incorrect answer. A buyer’s solicitors will also commission an environmental report. This should indicate if there is any known flood risk. If so, additional inquiries should be made.