I am nearing exchange of contracts for my maisonette in Buckingham and the EA has just e-mailed to advise that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a big named mortgage company only work with certain law firms rather the firm that they want to choose for their conveyancing in Buckingham ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks blame a rise in fraud by way of justification for the reduction – criteria have been tightened 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 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 not going to have any impact on this.
Can the conveyancing solicitors that you recommend handle attended exchange conveyancing in Buckingham?
We do have a number of conveyancing experts who can conduct attended exchanges. Do contact us to receive a conveyancing quote and details as to availability.
I happen to be the single recipient of my late grandmother’s estate with all property in now in my sole name, including the house in Buckingham. The Buckingham property was put into my name in August. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my proprietorship could be regarded the same way as if I'd bought the house in August. Do I have to wait 6 months to sell?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How practical a view mortgage companies take of it, depend on the bank as this obligation is principally there to capture subsales or the wholesaling and assigning of property.
We had instructed solicitors located in Buckingham on the Skipton solicitor panel. They are now charging me a supplemental fee for the legal aspects of the Skipton mortgage. Is this a supplemental conveyancing fee set by Skipton?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your solicitor is entitled to charge a fee for this. The charge is not set by Skipton but by your Buckingham solicitor. Some firms on the Skipton panel will charge ’dealing with mortgage’ fee and others do not.
We are getting a further advance on our mortgage from Leeds Building Society as we want to conduct alterations to our house in Buckingham. Do we need to choose a bricks and mortar Buckingham solicitor on the Leeds Building Society conveyancing panel to deal with the legals?
Leeds Building Society do not ordinarily instruct a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society list.
I need some expedited conveyancing in Buckingham as I have an ultimatum to sign on the dotted line within 2 weeks. Fortunately I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are not taking a home loan you are at free not to have searches carried out although no conveyancer would suggest that you don't. With lots of history conveyancing in Buckingham the following are examples of issues that can be revealed and adversely affect future saleability: Enforcement Notices, Outstanding Fees, Outstanding Grants, Road Schemes,...
I'm purchasing a new build house in Buckingham benefiting from help to buy. The sellers would not move on the price so I negotiated 6k of additionals instead. The house builders rep suggested that I not reveal to my conveyancer about this side-deal as it would affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
All being well we will complete our sale of a £325,000 flat in Buckingham in six days. The managing agents has quoted £312 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Buckingham?
Buckingham conveyancing on leasehold apartments ordinarily necessitates fees being levied by management companies :
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Answering pre-contract questions
Where consent is required before sale in Buckingham
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Buckingham - Sample of Queries before Purchasing
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How much is the ground rent and service charge? How many of the leaseholders are in arrears for their maintenance charge payments? You should want to discover as much as possible concerning the managing agents as they can either make your living at the property much easier or problematic. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to daily matters like the cleanliness of the communal areas. Don't be afraid to ask other tenants if they are happy with them. On a final note, investigate as to the dates that the service charges are due to the managing agents and precisely what it includes.