I am nearing exchange of contracts for my ground floor flat in Freezywater and the EA has just called to advise that the buyers are changing their conveyancer. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Freezywater ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lenders 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 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. The buyers are not going to have any sway in the decision.
Is it correct that all Freezywater CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing list of approved practices?
A selection of lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of firms.
Can I be sure that the Freezywater conveyancing solicitor on the Kent Reliance panel is any good?
When it comes to conveyancing in Freezywater getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the lawyer conducting your conveyancing.
Planning on purchasing a house in Freezywater. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Freezywater solicitor is on the Lloyds conveyancing panel.
I require expedited conveyancing in Freezywater as I am faced with pressure to exchange contracts in less than 3 weeks. Thankfully I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a cash purchaser you are at liberty not to do searches although no solicitor would advise that you don't. Drawing on our experience of conveyancing in Freezywater the following are instances of what can show up and adversely affect future mortgageability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Road Schemes,...
Are there restrictive covenants that are commonly identified as part of conveyancing in Freezywater?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Freezywater. 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…’
I have been on the look out for a leasehold apartment up to £195,000 and found one near me in Freezywater I like with a park and transport links nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Freezywater for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan that many years will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I have today placed an offer on a leasehold flat in Freezywater and the broker that we are dealing with suggested his property lawyer. They quoted £1000 excluding VAT and 3rd party costs. Does this sound expensive?
You should not rely on a single quote. You should obtain like-for-like quotes for your conveyancing in Freezywater. Then choose one that you trust and crucially, is on the approved list of the bank that you are sourcing your mortgage from.