My wife and I are planning to acquire a flat in Braunton and have appointed a Braunton conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Santander have this afternoon contacted us to inform me that they have now hit a problem as our Braunton conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Braunton lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our son-in-law is buying a newly built flat in Braunton with a mortgage from TSB. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the TSB conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Please explain the implications if my solicitor is expelled from the Barclays Conveyancing panel ahead of completing my conveyancing in Braunton?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I can see plenty of information on this site regarding conveyancing in Braunton but can you isolate your top tip for selecting the right conveyancer in Braunton
We would encourage you not to base your choice on the cheapest Braunton conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
Is it the case that all Braunton solicitor firms on the RBS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the RBS conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many mortgage companies do list licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
I am due to exchange contracts on my house. I had a double glazing fitted in November 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Nottingham are being difficult. The Braunton solicitor who is on the Nottingham conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Nottingham are insisting on a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham 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.
I am looking for a conveyancing solicitor in Braunton for my remortgage. Is it possible to check a firm’s record with the profession’s regulator?
You can read published Solicitor Regulator Association (SRA) decisions stemming from investigations commenced on or after 1 January 2008. Visit Check a solicitor's record. For records about the period before 1 January 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, dial +44 (0)121 329 6800. The regulator sometimes recorded call for training requirements.
What are your top tips when it comes to appointing a Braunton conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Braunton conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Braunton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
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How familiar is the firm with lease extension legislation? What are the charges for lease extension conveyancing?
I purchased a 2 bed flat in Braunton, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Braunton with a long lease are worth £265,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2102
With 76 years unexpired the likely cost is going to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.