I am nearing exchange of contracts for my house in Berkshire and the estate agent has just called to warn that the buyers are changing their conveyancer. The excuse is that the mortgage company will only work with property lawyers on their approved list. Why would a major mortgage company only work with certain solicitors rather the firm that they want to choose for their conveyancing in Berkshire ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 hearing daily from firms 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 purchasers are not going to have any impact on this.
The Berkshire conveyancing firm that I recently instructed on my house acquisition in Berkshire have suddenly shut down. They were on acting for me because I had to have a firm on the Santander conveyancing panel and my previous Berkshire lawyer was not. I sent them a cheque for two hundred pounds in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Santander conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to take this when acquiring a residence in Berkshire? or Apparently there is a law dating back centuries that means some owners of property living in a parish church boundary will be compelled to contribute towards maintenance towards the chancel within the church. Is this appropriate for conveyancing in Berkshire?
Unless a previous purchase of the premises took place post 12 October 2013 you can expect solicitors carrying out conveyancing in Berkshire to continue to propose a a chancel search and or chancel repair liability insurance.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Berkshire is the location of the property. Is there any advice you can give?
Flying freeholds in Berkshire are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Berkshire you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Berkshire may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Do I need to be suspicious by estate agents that I am dealing with are recommending an internet conveyancing firm rather than a local Berkshire conveyancing company?
As with many service providers, often input from family and friends can be extremely useful or valuable. But there are many people with a vested interest in a conveyancing deal; estate agents, financial adviser and mortgage companies may suggest conveyancers to use. Sometimes the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You are at liberty to select your own lawyer. Don't forget that most mortgage providers specify a panel list of law firms you must use for the mortgage aspect of your transaction.
I own a leasehold house in Berkshire. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Berkshire who acted for me is not around. Any advice?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Berkshire conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Berkshire Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
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It is important to be aware whether window replacement or some other major work is due in the near future to be shared between the tenants and will dramatically increase the the maintenance charges or result in a one time payment. What prohibitions are there in the Berkshire Lease?