I am five weeks into the sale of my apartment in Shillington and the EA has just telephoned to warn that the buyers are swapping law firm. The reason given is that the bank will only deal with solicitors on their approved list. On what basis would a leading mortgage company only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Shillington ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks justify this action to a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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. Your buyers are unlikely to have any impact on this.
Last August we completed a house move in Shillington. We have noticed several problems with the house which we believe were omitted in the conveyancing searches. Is there anything we can do? Can you clarify the type of searches that needed to have been carried out as part of conveyancing in Shillington?
The query is vague as to the nature of the problems and if they are relate to conveyancing in Shillington. Conveyancing searches and investigations undertaken during the buying process are supposed to help avoid problems. As part of the process, the vendor fills in a questionnaire known as a SPIF. answers proves to be incorrect, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Shillington.
In what way does my ID and proof of funds have anything to do with my conveyancing in Shillington? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Shillington conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account showing your correct address.
In accordance with Money Laundering Regulations, property lawyers are duty bound to check not only the identity of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this may result in your solicitor terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the relevant authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
I am about to put a bid on a leasehold flat in Shillington. The property agents say that it is standard for flats in Shillington to have less than 75 years left on the lease. I am getting a loan with Platform. Is this going to be acceptable if the lease has Seventy One years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/12/2024 the requirements read as follows :
My fiance is purchasing a studio flat in Shillington. He was given a quote by the conveyancer suggested by the selling agents and it came to £1385 . It was eight years ago since I sold and purchased a home and it cost was £600. Have charges really escalated to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Shillington searches, land registry fees, etc)