I am in the process of selling my apartment in Grays and the EA has just called to advise that the purchasers are switching solicitor. The reason given is that the bank will only engage with solicitors on their approved list. Why would a leading lender only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Grays ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. Your purchasers are unlikely to have any sway in the decision.
My husband and I are approaching an exchange on a house in Grays and my parents have transferred the 10% deposit to my conveyancer. I am now informed that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The lawyer is legally required to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
The Grays conveyancing solicitors that I recently instructed on my purchase in Grays have suddenly shut down. I only went with them because I had to have a lawyer on the UBS conveyancing panel and my preferred Grays lawyer was not. I issued them a cheque for two hundred pounds in advance. What are my options?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the UBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
I happen to be the sole recipient of my late father’s estate with all property in now in my sole name, including the house in Grays. The Grays property was put into my name in November. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership may be considered the same way as though I had purchased the property in November. Is the property unsalable for six months?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. Some lenders would take a practical view as this clause principally exists to pick up on the purchase and immediately sell or the flipping of property.
Are all Grays Conveyancing Quality Solicitors on the Nottingham conveyancing list of approved solicitors?
A selection of lenders now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
My husband and I have organised the release of further monies on our mortgage from Yorkshire BS as we wish to carry out a loft conversion to our home in Grays. Are we obliged to choose a high street Grays solicitor on the Yorkshire BS conveyancing panel to handle the paperwork?
Yorkshire BS would not normally instruct firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS panel.
I have been on the look out for a ground for flat up to £245,000 and found one round the corner in Grays I like with a park and station nearby, however it's only got 61 years unexpired on the lease. I can't really find anything else in Grays suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the shortness of the lease will be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Been reading online that Grays solicitors are more expensive than Grays conveyancers in Grays when it comes to purchasing a property. Am I better off using a conveyancer or a solicitor where I am purchasing a house in Grays.
When it comes to conveyancing in Grays the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.