We are hoping to buy a 2 bedroom flat in West Drayton with a mortgage. We like our West Drayton lawyer, however the bank advise she’s not on their "panel". It seems we have little choice but to appoint one of the lender panel conveyancing practices or retain our West Drayton conveyancer as well as pay for one of their panel firms to act for them. This seems very unfair; are we not able to demand that the lender use our West Drayton lawyer ?
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 West Drayton conveyancing lawyer to apply to be on the conveyancing panel.
Our conveyancer has discovered a a problem with the lease for the property we are purchasing in West Drayton. The other side have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer says that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 lawyer will have no choice but to discontinue acting for you.
My wife and I are purchasing a apartment in West Drayton. It might be a silly question but how we can trust a conveyancer? At some point we will need to send funds into their account. What protection do we have from them run away with our deposit?
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.
We were going to get a DIP from Co-operative this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Co-operative recommend any West Drayton solicitors on the Co-operative conveyancing panel, or is it better to find our own lawyer?
You will need to appoint West Drayton solicitors independently although you'll need to choose one on the Co-operative conveyancing panel. The solicitor represents both you and Co-operative through the process.
I am selling my apartment. I had a double glazing fitted in April 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, HSBC are being problematic. The West Drayton solicitor who is on the HSBC conveyancing panel is saying indemnity insurance will be fine but HSBC are requiring a building regulation certificate. Why do HSBC have a conveyancing panel if they don't accept advice from them?
It is probably the case that HSBC have referred the matter to their valuer. The reason why HSBC 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.
Due to the encouragement of my in-laws I had a survey completed on a property in West Drayton ahead of retaining solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some lenders tend refuse to give a loan on this type of house.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in West Drayton. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been recommended by two or three local estate agents in West Drayton to find a conveyancer using your seach tool. Is there a financial inducement for Estate Agents to market your services rather than alternative conveyancing organisations?
We don’t make any commission for directing people our way. We found it would be just too difficult a fee because members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.