I am selling my house in Wilton and the estate agent has just e-mailed to say that the purchasers are swapping property lawyer. The excuse is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Wilton ?
Lenders have always had an approved set of law firms that can act for them, but in the last 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 blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal 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. 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 buyers are not going to have any impact on this.
Do I need to pay for insurance to address the risk of chancel repairs when acquiring a residence in Wilton?
Unless a previous acquisition of the property took place post 12 October 2013 you may assume that solicitors delivering conveyancing in Wilton to continue to suggest a chancel search and or insurance against a claim.
Despite weeks of looking the Title Certificate and documents to our house can not be found. The solicitors who handled the conveyancing in Wilton 4 years ago have long since closed. What are my next steps?
In today’s world there are duplicates made of almost everything, and your solicitor will know exactly where to locate all the relevant paperwork so you can purchase or sell your house without any difficulty. If duplicates can’t be located, your solicitor may be able to arrange cover in the form of insurance or indemnities protecting you against future claims on your property.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Wilton I like with open areas and railway links in the vicinity, however it's only got 61 years on the lease. There is not much else in Wilton for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term will be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
Our conveyancer in Wilton has uncovered a a problem with the lease for the flat we are purchasing in Wilton. The other side have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that as he is on the bank conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Wilton conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. The appropriate lender requirements must be adhered to by the bank conveyancing panel who has to balance acting for you and the bank