I am nearing exchange of contracts for my flat in Cuffley and the EA has just called to say that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only deal with specific lawyers rather the firm that they want to select for their conveyancing in Cuffley ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been narrowed 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 says it is being contacted daily by practices 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. Your buyers are unlikely to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in Cuffley? Is this really necessary?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the ID of the person or body they are dealing with before they can accept their conveyancing retainer. The Client Care letter that you need to sign will no doubt reaffirm this. Your lender will also require certain documents to be checked. If you are unwilling to provide ID verification documents, your solicitor would not be able to accept instructions from you.
We previously appointed conveyancers based in Cuffley on the Kent Reliance solicitor panel. They are now charging me a further fee for the legal aspects of the Kent Reliance mortgage. Is this an additional conveyancing fee set by Kent Reliance?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancing practitioner can charge a fee for this. The fee is not set by Kent Reliance but by your Cuffley conveyancer. Some firms on the Kent Reliance panel will charge ’dealing with mortgage’ fee and others do not.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Cuffley building society branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My Cuffley conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend based on their published requirements. I have no idea who is right.
Your conveyancer must follow the CML Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am selling my apartment. I had a double glazing fitted in December 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Bank of Ireland are being difficult. The Cuffley solicitor who is on the Bank of Ireland conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Bank of Ireland are requiring a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland 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.
Are there restrictive covenants that are commonly identified as part of conveyancing in Cuffley?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Cuffley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
My uncle has suggested that I instruct his conveyancing solicitors in Cuffley. Should I choose my own conveyancer?
No doubt the ideal way to find a conveyancing solicitor is to seek feedback from friends or relatives who have used the firm you're considering.
I'm purchasing a flat in Cuffley. I have found my conveyancer's company on the Law Society's list, but I can't locate my lawyer's name on the list. Should I be concerned?
Not every individual in the company must be listed by the regulator. Provided there is someone qualified to 'oversee' the transaction, the actual day-to-day activity can be undertaken by unqualified staff.