I am in the process of selling my home in Tyldesley and the EA has just text me to warn that the purchasers are swapping property lawyer. The excuse is that the lender will only work with solicitors on their conveyancing panel. On what basis would a leading lender only engage with certain solicitors rather the firm that they want to select for their conveyancing in Tyldesley ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to oversee. 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 buyers are not going to have any sway in the decision.
Our conveyancer has uncovered a a problem with the lease for the property we are buying in Tyldesley. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer says that he must check that the lender is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with 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 property lawyer will have no choice but to discontinue acting for you.
The deeds to our house are lost. The conveyancers who conducted the conveyancing in Tyldesley 4 years ago no longer exist. What are my next steps?
These day there are copies made of almost everything, and your lawyer should be aware exactly where to look for all the appropriate documentation so you can purchase or dispose of your house without a hitch. Where copies are not available, your conveyancer may be able to put in place insurance or indemnities protecting you against future claims on your property.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Tyldesley is where the house is located. Can you offer any guidance?
Flying freeholds in Tyldesley are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tyldesley 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 Tyldesley 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 premises.
We're new on the property ladder - had an offer accepted, yet the property agent has warned us that the vendor will only move forward if we instruct their chosen conveyancers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer accustomed to conveyancing in Tyldesley
We suspect that the owner is not behind this demand. Should the seller require ‘a quick sale', alienating a serious buyer is not the way to achieve this. Try to communicate with the vendors directly and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you will continue to use your own,trusted Tyldesley conveyancing solicitors - not the ones that will provide the negotiator at the agency a introducer fee or achieve conveyancing targets set by HQ.