I am not well enough to travel far from Oldland. What is the rationale as to why all Oldland aren't included on all lender panels?
Lenders highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. This led to banks and building societies culling a number of firms off their official list of approved .
Our lawyer has identified a defect with the lease for the apartment we are purchasing in Oldland. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our says that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 will have no choice but to discontinue acting for you.
We are selling our apartment in Oldland. Will my have to be on the conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
We are close to exchanging contracts on the sale of our property in Oldland and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. Any high street Oldland conveyancer would know that there is no such problem. For the life of me I don't know why the buyers are using a nationwide conveyancing outfit rather than a conveyancing solicitor in Oldland. We have lived in Oldland for six years we know that this is a non issue. Should we contact our local Authority to seek confirmation need.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I am looking for a flat up to £245,000 and identified one round the corner in Oldland I like with a park and transport links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Oldland for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.