I am nearing exchange of contracts for my maisonette in Ironbridge and the EA has just called to warn that the purchasers are switching law firm. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with certain solicitors rather the firm that they want to choose for their conveyancing in Ironbridge ?

Banks have always had panels of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.

Lending institutions point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.

We are buying a apartment in Ironbridge. It might be a silly question but how we can trust a conveyancer? On completion day we have to deposit money into their account. What protection do we have from them run away with our money?

Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.

This question may be naive but I am unseasoned as a 1st time purchaser of a ground floor flat in Ironbridge. Do I receive the keys to the premises on the completion date from my lawyer? If so, I will find a local conveyancing solicitor in Ironbridge?

There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the seller's lawyers, and once they have received this, you will be invited to receive the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.

Is there a list of UBS panel solicitors in Ironbridge on the Building Society Association’s Website?

No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lenders make their panel listings available over the internet. Where you are in need of a Ironbridge lawyer on the UBS please make the most of our tool.

Should my solicitor be asking questions about flooding during the conveyancing in Ironbridge.

Flooding is a growing risk for conveyancers specialising in conveyancing in Ironbridge. Plenty of people will acquire a house in Ironbridge, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.

Lawyers are not qualified to offer advice on flood risk, however there are a numerous searches that can be carried out by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Ironbridge. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to find out whether the premises has suffered from flooding. If flooding has previously occurred which is not revealed by the vendor, then a buyer could bring a legal claim for losses as a result of such an misleading reply. A purchaser’s solicitors should also conduct an enviro report. This should reveal whether there is a recorded flood risk. If so, further inquiries will need to be made.

Are there restrictive covenants that are commonly picked up as part of conveyancing in Ironbridge?

Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Ironbridge. 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…’

Are there common problems that you come across in leases for Ironbridge properties?

Leasehold conveyancing in Ironbridge is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

A provision for the recovery of money spent for the benefit of another party.

You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Bank of Scotland, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

Leasehold Conveyancing in Ironbridge - A selection of Questions you should ask before Purchasing

For most Ironbridge leaseholds the cost for major works tend not to be incorporated into the maintenance charges, albeit that a few managing agents in Ironbridge ask tenants to pay into a sinking fund and this is used to offset against major repairs or maintenance. Are any of leasehold owners in arrears of their service charge liability?