I am selling my flat in Cottenham and the estate agent has just called to say that the purchasers are switching conveyancer. The excuse is that the bank will only work with property lawyers on their approved list. Why would a big named lender only deal with specific lawyers rather the firm that they want to choose to handle their conveyancing in Cottenham ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to oversee. No lender will say 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. Some do not even realise 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.
What does my ID and proof of funds have anything to do with my conveyancing in Cottenham? Is this really necessary?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Cottenham. However these days you will not be able to complete any conveyancing process in the absence providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Please note that if you are providing your driving licence as evidence of ID it must be both the paper section as well as the photo card part, one is not sufficient in the absence of the other.
Verification of the origin of monies is required in accordance with the Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancer must retain this information on file. Your Cottenham conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any funds from you into their client account and they may also ask further questions regarding the source of monies.
My Conveyancer in Cottenham has never been on on the Barclays Direct Solicitor Panel. Can I still continue with my family solicitor even though they are excluded from the Barclays Direct panel?
Your options are as follows:
- Carry on with your preferred Cottenham lawyers but Barclays Direct will need to retain a solicitor on their panel. This will result in additional overall legal charges and cause frustration.
- Choose a new lawyer to act in the conveyancing, not forgetting to check they are on the Barclays Direct panel
Am I better off to go with a Cottenham conveyancing solicitor in close proximity to the house I am hoping to buy? An old friend can deal with the legal work however his firm is located over three hundred miles drive away.
The benefit of a local Cottenham conveyancing practice is that you can pop in to execute paperwork, hand in your ID and pester them if necessary. They will also have local insight which is a benefit. However it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and they were content that should surpass using an unfamiliar Cottenham conveyancing solicitor solely due to them being round the corner.
I have recently realised that I have Seventy years left on my lease in Cottenham. I need to extend my lease but my landlord is can not be found. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the lessor. On the whole a specialist should be useful to carry out a search and prepare a report which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on proving the landlord’s disappearance and the vesting order request to the County Court covering Cottenham.
Leasehold Conveyancing in Cottenham - Sample of Queries before buying
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Does the lease include onerous restrictions? Is anyone aware of any major works on the horizon that will likely increase the service fees? It would be prudent to discover as much as possible about the managing agents as they can either make your life much simpler or uncomfortable. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to day to day matters like the cleanliness of the common parts. Enquire of prospective neighbours if they are happy with them. Finally, be sure you discover the dates that the service fees are due to the relevant party and specifically what it includes.
I am in the process of buying my first house in Cottenham. Conveyancing practitioner has been appointed. The broker suggested that a survey is not appropriate as the house is only 20 yrs old.
You would be well advised to take a Home Buyer's Report. Given the premises was constructed over a decade ago the property will not benefit from a warranty, so you would be well advised not to take a risk. For a property that age with no signs of problems a Home Buyer's report may suffice. They will highlight any apparent problems and suggest additional investigation if relevant. Where there are any signs of problems obtain a full Building Survey from the beginning.