I am progressing with the sale of my apartment in Handsworth and the estate agent has just e-mailed to warn that the buyers are switching property lawyer. The excuse is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Handsworth ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose 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 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 purchasers are unlikely to have any impact on this.
As a first time buyer what is the most important number one tip you can impart regarding purchase conveyancing in Handsworth?
Not many law firms or advisers will tell you this but conveyancing in Handsworth and elsewhere in England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there exists lots of room for conflict between you and other parties involved in the legal transfer of property. E.g., the vendor, selling agent and even potentially the bank. Choosing a solicitor for your conveyancing in Handsworth should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the legal process whose interest is to act in your best interests and to keep you safe.
Every so often a potential adversary will attempt to persuade you that it is in your interests to do things their way. For instance, the estate agent may claim to be assisting by suggesting your conveyancer is dragging his heels. Or your financial adviser may try to convince you to do something that is against your solicitors recommendation. You should always trust your lawyer above all other parties in the home moving process.
My lawyer in Handsworth has never been on on the HSBC Bank Approved Panel. Can I still use my prefered solicitor even though they are not on the HSBC Bank list of approved lawyers?
Your options are as follows:
- Carry on with your preferred Handsworth solicitors but HSBC Bank will need to retain a conveyancer on their list of acceptable firms. This will result in additional overall legal fees and result in frustration.
- Find a new solicitor to to deal with the purchase, remembering to check they are on the HSBC Bank panel
I used Arc property Solicitors several years ago for my conveyancing in Handsworth. I now require my file however cannot find the solicitor. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Handsworth of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
In my capacity as executor for the will of my grandmother I am selling a property in Cardiff but live in Handsworth. My conveyancer (based 250 kilometers awayrequires that I execute a stat dec before the transaction finalising. Can you recommend a conveyancing practitioner in Handsworth to attest and place their company stamp on the document?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are Handsworth based
I am attracted to a two flats in Handsworth which have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Handsworth is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Handsworth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Handsworth Leasehold Conveyancing - A selection of Queries Prior to Purchasing
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Can you tell me if there are any major works on the horizon that will likely increase the maintenance charges? Generally speaking the cost for major works tend not to be included within maintenance charges, albeit that a few managing agents in Handsworth ask leaseholders to contribute towards a sinking fund and this is used to offset against larger repairs or maintenance.