I am nearing exchange of contracts for my maisonette in Folkestone and the EA has just called to advise that the buyers are switching property lawyer. The excuse is that the lender will only engage with solicitors on their approved list. Why would a big named mortgage company only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Folkestone ?
UK lenders have always had panels of law firms that can represent them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lenders justify this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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. Your buyers are unlikely to have any sway in the decision.
What does my ID and proof of funds have anything to do with my conveyancing in Folkestone? Why is this being asked of me?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms and Conditions that you need to sign will no doubt stipulate this. Your lender will also require certain documents to be checked. Should you refuse to hand over ID verification documents, your lawyer can not take you on as a client.
My brother-in-law has suggested I instruct a conveyancing solicitor in Folkestone. I I would like to check if they are accepted on the The Royal Bank of Scotland conveyancing panel. Could you or the lender confirm if they are on the panel?
You should phone the conveyancer and ask them if they can act for the bank. Otherwise please call The Royal Bank of Scotland who may be able to help.
I am due to move home in April. Will my conveyancing solicitor call the removal company on the day of completion. On a separate note, can you recommend a removal company in Folkestone. Conveyancing firm was organised prior to coming across your website.
On the day of completion you will need to pick up the house keys from your selling agent however this should only occur when the vendors solicitors confirm to the agent that the monies to complete are in and the keys can be collected. After that you will need to inform the removal company that you are ready to move in. We are not in a position to suggest a particular removal organisation but can help you choose a residential property solicitor in Folkestone or a legal practice with expertise in conveyancing in Folkestone.
I am expecting a OIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Folkestone solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint Folkestone solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
I have finally had an offer on a maisonette in Folkestone agreed to, the vendors do nevertheless have a tied purchase. The vendors have offered on on an apartment, however it’s not been accepted yet, and have viewings of other flats booked. I have instructed a local conveyancing solicitor in Folkestone. What do I do now? At what stage do I apply for the mortgage with RBS?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx £1k, then valuation, Folkestone conveyancing search charges, etc). The first course of action is to ensure that your property lawyer is on the RBS approved list. Regarding the subsequent phase this very much depends on the circumstances of your case, motivation for the property and on the state of the market. In a hot market the majority of home buyers would apply for a home loan with RBS and pay for the valuation and only if it comes back ok would they ask their property lawyer to press on with searches.
I am buying a new build apartment in Folkestone. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Folkestone
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are surveyor prepared.
Due to complete next month on a basement flat in Folkestone. Conveyancing lawyers have said that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Folkestone should include some of the following:
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Are pets allowed in the flat? Do you need to have carpet in the flat or are you allowed wood flooring? What options are open to you if a neighbour is in violation of a provision in their lease? Repair and maintenance of the flat Does the lease prevent you from renting out the property, or working from home
I acquired a split level flat in Folkestone, conveyancing was carried out 5 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Folkestone with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2094
With only 68 years left to run the likely cost is going to span between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.