We were about to choose a conveyancing solicitor in Cheam endorsed by you but have come across alternative quotes on the internet look less pricey – how come?
You can find hundreds of conveyancers offering at first sight what seems to be cut price. We suggest that you think twice as to how much you respect your own move to you are willing to be penny wise pound foolish concerning the quality of the conveyancing. Some hide fees well inside the terms of business. The law firms that we list for conveyancing in Cheam will notdo this.
Our conveyancer has uncovered a defect with the lease for the apartment we are buying in Cheam. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that he must check that the bank is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your solicitor 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 property lawyer will have no choice but to discontinue acting for you.
We wanted to use a conveyancing solicitor in Cheam for our house move. Our broker informed us that our mortgage lenders Barclays Direct won't deal with them. Why is this not regarded as unduly restrictive?
Before the recession most mortgage companies had a different appetite for risk. Almost all Cheam conveyancing firms would have been on most lender panels. The FSA in 2010 carried out a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms regarding their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum volume of transactions. Many Cheam conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Cheam is one of the thousands of locations where the lawyers we recommend are are approved Barclays Direct.
is it true that all Cheam conveyancing solicitors on the Barclays conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Barclays conveyancing panel they would need to be governed by the SRA. Some mortgage companies do permit licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.
We were going to get a AIP from Yorkshire BS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Cheam solicitors on the Yorkshire BS conveyancing panel, or is it better to go independently?
You will need to appoint Cheam solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
I have finally had an offer on a flat in Cheam agreed to, the sellers do nevertheless have a connected purchase. The sellers have offered on on an apartment, but it’s not yet tied up, and are looking at other flats in the pipeline. I have instructed a high street conveyancing solicitor in Cheam. What should be my next step? At what stage do I apply for the mortgage with Lloyds?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then survey, Cheam conveyancing search costs, etc). First, you should check that your property lawyer is on the Lloyds conveyancing panel. As to the next stages this very much depends on the uniqueness of your transaction, motivation for the property and on the state of the market. In a buoyant market some buyers would apply for a home loan with Lloyds and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with the conveyancing in Cheam.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Cheam is where the house is located. Is there any guidance you can impart?
Flying freeholds in Cheam are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cheam you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cheam 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 property.
How does the Landlord & Tenant Act 1954 impact my commercial property in Cheam and how can your lawyers assist?
The particular law that you refer to provides protection to commercial lessees, giving them the legal entitlement to apply to court for a new tenancy and remain in occupation when the lease comes to an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and assist with commercial conveyancing in Cheam