My solicitor has uncovered a a problem with the lease for the apartment we are buying in Newent. The other side have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the bank 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 lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. 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 solicitor will have no choice but to discontinue acting for you.
My Conveyancer in Newent is not listed on the Accord Mortgages Ltd Conveyancing Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are excluded from the Accord Mortgages Ltd panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your preferred Newent solicitors but Accord Mortgages Ltd will need to instruct a conveyancer on their list of acceptable firms. This will inevitably rack up the total legal charges as well as result in delays.
- Get a new lawyer to act in the conveyancing, remembering to check they are Accord Mortgages Ltd approved.
- Try to convince your Accord Mortgages Ltd based solicitor to try to join the Accord Mortgages Ltd panel
How does conveyancing in Newent differ for new build properties?
Most buyers of new build or newly converted property in Newent contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Newent tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Newent or who has acted in the same development.
I am looking for a conveyancing practitioner in Newent for my house move. Can I review a firm’s complaints history with the profession’s regulator?
Members of the public may search for presented Solicitor Regulator Association (SRA) determinations arising from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For records Pre 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, dial +44 (0)121 329 6800. The SRA sometimes recorded call for training reasons.
My wife and I have chosen a Newent conveyancing solicitor for our house purchase (FTB’s) and have picked up in the terms and conditions that they are not overseen by the Financial Conduct Authority. Need I be worried or is that the norm with conveyancing practitioner?
We can't see why they should be. Most conveyancing practitioner don't lend money. You should check that they are governed by the SRA, who dictate strict stipulations regulating monies deposited on client account.