Me and my partner are buying a 2 bedroom flat in Bankside with a mortgage. We like our Bankside solicitor, however the mortgage company advise she’s not on their "panel". It appears that we have no option but to select one of the mortgage company panel firms or retain our Bankside as well as pay for one of their panel lawyers to represent them. This seems very unfair; can we not demand that the lender use our Bankside ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Bankside conveyancing lawyer to apply to be on the conveyancing panel.
My son is about to exchange on a house that has just been built in Bankside with a home loan from . His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
The Bankside conveyancing solicitors that I recently instructed on my house acquisition in Bankside have without warning closed. I chose them because I needed a solicitor on the conveyancing panel and my family Bankside lawyer was not. I cut them a cheque for two hundred pounds in advance. What are my options?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
Despite weeks of looking the Title Certificate and documents to our property are lost. The lawyers who dealt with the conveyancing in Bankside 4 years ago no longer exist. What do I do?
These day there are copies made of almost everything, and your conveyancer will be aware precisely where to locate all the appropriate paperwork so you may buy or sell your house without a hitch. Where copies can’t be located, your solicitor can arrange cover in the form of insurance or indemnities against possible 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 should have been a straight forward, chain free conveyancing. Bankside is where the house is located. What do you suggest?
Flying freeholds in Bankside are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bankside 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 Bankside may determine 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 property.