My wife and I are purchasing a 2 bedroom flat in Selly Oak with a mortgage. We wish to retain our Selly Oak conveyancer, however the lender says he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Selly Oak conveyancing practitioner and pay for one of their panel firms to act for them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. A further alternative is for your Selly Oak conveyancing lawyer to apply to be on the conveyancing panel.
All was ready to move into my new home in Selly Oak next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What risks does the lender expect the insurance to cover?
All property lawyers 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 requirements. These obligations are not specific to conveyancing in Selly Oak.
If you had a top tip for selecting a conveyancing solicitor in Selly Oak what would it be?
We would encourage you not to base your choice on the cheapest Selly Oak conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I happen to be the sole recipient of my late mum's will and I have everything in my name alone, including the my former home in Selly Oak. Conveyancing formalities meant that the Land Registry date was in November. I plan to dispose of the house. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship could be considered the same way as if I'd bought the property in November. Is the property unsalable for six months?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. many banks would take a practical view as this requirement principally exists to capture the purchase and immediately sell or the flipping of properties.
I am due to exchange contracts on my house. I had a double glazing fitted in December 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, RBS are being a right pain. The Selly Oak solicitor who is on the RBS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but RBS are requiring a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Do I need to take out insurance to cover chancel repairs when purchasing a property in Selly Oak?
Unless a prior acquisition of the premises completed after 12 October 2013 you can take it that solicitors handling conveyancing in Selly Oak to continue to recommend a chancel search and or chancel repair liability insurance.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Selly Oak?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Selly Oak. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’