I am one month into the sale of my flat in Stockbridge and the estate agent has just called to advise that the purchasers are changing their solicitor. The excuse is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with specific solicitors rather the firm that they want to select for their conveyancing in Stockbridge ?
Lenders have always had an approved set of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose 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. Your purchasers are not going to have any impact on this.
Should my lawyer be raising questions concerning flooding as part of the conveyancing in Stockbridge.
Flooding is a growing risk for solicitors dealing with homes in Stockbridge. There are those who purchase a property in Stockbridge, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, however there are a number of searches that can be undertaken by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Stockbridge. The standard property information forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the seller to discover whether the property has historically flooded. In the event that the residence has been flooded in past and is not notified by the vendor, then a purchaser could bring a claim for damages as a result of such an inaccurate response. A buyer’s conveyancers will also conduct an environmental report. This should reveal whether there is a recorded flood risk. If so, further investigations will need to be made.
I completed on my flat on 7 April and the transaction details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Stockbridge expressed confidence that it would be dealt with inside ten days. Are titles in Stockbridge uniquely lengthy to register?
As far as conveyancing in Stockbridge registration is no quicker or slower than anywhere else in England and Wales. Rather than based on location, timescales can adjust depending on the party submitting the application, whether there are errors and if the Land registry must send notices to any 3rd parties. At present approximately 80% of submission are completed within two weeks but some can be subject to longer delays. Registration occurs after the purchaser has moved in to the property so 'speed' is not typically an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers can communicate with the Registry to express the reasoning for the application to be prioritised.
How can the Landlord & Tenant Act 1954 impact my commercial premises in Stockbridge and how can you help?
The 1954 Act gives protection to business lessees, granting the dueness to make a request to court for a new tenancy and remain in occupation when the lease reaches an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Stockbridge is one of the hundreds of locations in which our lawyers have offices
My wife and I are buying a garden flat in Stockbridge. At the time of instructing our property lawyer, they assured us that they were on all mainstream mortgage company panels. Our financial adviser contacted us yesterday to advise that they are not on the Clydesdale approved list. If it turns out to be true, what should we do? Should we just find a new lawyer that is on their approved list or do we pay for dual representation, with Clydesdale appointing their own approved lawyer.
If you are acquiring a property with the assistance of a mortgage it is conventional for the purchaser’s lawyers to also act for the mortgage company. In order to act for a bank or building society a property lawyer has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancer has to satisfy. Some banks now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact Clydesdale to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Clydesdale's conveyancing panel and you may continue to use your own Stockbridge solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another conveyancer into the equation.