I am progressing with the sale of my ground floor flat in Codsall and the estate agent has just text me to say that the purchasers are switching law firm. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. On what basis would a leading mortgage company only work with specific lawyers rather the firm that they want to choose to handle their conveyancing in Codsall ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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.
My partner and I are only a couple days away from an exchange on a flat in Codsall and my mum and dad have sent the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancing practitioner is obliged to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
we are a couple who are buying a newly converted flat in Codsall with a loan from HSBC Bank.We would like to retain our Codsall conveyancing lawyer but HSBC Bank informed us his firm is not on their "panel". we are left little option but to use a HSBC Bank panel solicitor or retain our preferred solicitor and pay for a HSBC Bank panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you contains various provisions, a common one being that solicitors needs to be on the HSBC Bank approved list. in the past, most mortgage companies had large numbers of law firms on their panels: a borrower could find 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for HSBC Bank
I was advised by numerous selling agents in Codsall to choose a solicitor using your seach tool. Is there a financial incentive for Estate Agents to offer your lawyers ahead of alternative conveyancing organisations?
We refuse to give any referral fee for directing people our way. We found it would be just too difficult to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
We're FTB’s - had an offer accepted, yet the selling agent has warned us that the owners will only issue a contract if we appoint their preferred lawyers as they need a ‘quick sale’. Our preferred option is to instruct a high street solicitor who is accustomed to conveyancing in Codsall
It is improbable the vendors are behind this. If they want ‘a quick sale', alienating a serious purchaser is is going to put the whole deal at risk. Try to communicate with the vendors directly and explain that (a)you are genuine purchasers (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you will continue to appoint your own,trusted Codsall conveyancing firm - as opposed tothe ones that will give the negotiator at the agency a commission or hit his conveyancing thresholds set by senior management.
All being well we will complete our sale of a £175,000 flat in Codsall on Friday in a week. The landlords agents has quoted £312 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Codsall?
Codsall conveyancing on leasehold apartments usually involves the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be content to do so. They are entitled to charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, without which the invoice is technically not due. In reality you have little choice but to pay whatever is demanded if you want to complete the sale of your home.
Leasehold Conveyancing in Codsall - Examples of Questions you should ask before buying
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What is the the remaining lease term? Are any of leasehold owners in dispute over their service charge payments? Many Codsall leasehold apartments will have a service charge for the upkeep of the building invoiced by the management company. Should you acquire the flat you will have to pay this contribution, usually in instalments throughout the year. This can differ from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all probability there will be a ground rent for you to pay annual, normally this is not a significant amount, say approximately £50-£100 but you need to enquire it because on occasion it can be many hundreds of pounds.