Unfortunately I am unable to travel far from Woking. I would like to know the reason why all Woking conveyancers aren't automatically on all lender panels?
Pre- 2008 most lenders had an attitude to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into fraud which in summary warned lenders: know the solicitors on your panel. Accordingly, mortgage companies have since soughtmore data from law firms regarding their processes and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Thousands of firms have found themselves removed from lender panels even though they had 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the minimum volume of transactions the lenders set.
Due to complete my purchase in Woking next Friday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These requirements are not limited to conveyancing in Woking.
My mortgage company has suggested a law firm on their panel based in Woking but I would rather use a conveyancing lawyer in Woking local to me. Are you able to help?
It is by no means the case that all Woking conveyancing practitioners are listed all banks conveyancing panel. Do make use of our search tool to locate a Woking conveyancing solicitor on the on the bank panel.
Should commercial conveyancing searches reveal impending roadworks that may affect a commercial property in Woking?
Many commercial conveyancing solicitors in Woking will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Woking. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Woking.
For each commercial conveyancing transaction in Woking it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to Woking commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Woking.
I opted to have a survey carried out on a property in Woking ahead of instructing solicitors. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some lenders will not issue a loan on this type of home.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you e-mail us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Woking. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Woking to see if the conveyancing costs will increase in light of this.