I am 4 weeks into the sale of my flat in Harrold and the EA has just called to warn that the buyers are changing their solicitor. The excuse is that the bank will only work with solicitors on their conveyancing panel. Why would a major lender only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Harrold ?
UK lenders have always had panels of law firms that can act for them, but in recent 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.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been narrowed 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 hearing daily from firms that have been removed from panels. Some 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. The buyers are not going to have any sway in the decision.
My wife and I are purchasing a newly built apartment in Harrold and my lawyer is informing me that she is duty bound to the lender to disclose incentives from the developer. I am under pressure to exchange contracts and my preference is not to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
In scouring mumsnet.com for an online lawyer in Harrold, most comment that I should look for a CQS kitemarked lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home moving process, trusted by some of the UK's major banks. Four years ago the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). CQS is not a scheme offered by the Council of Licensed Conveyancing. Harrold is one of the many areas of the UK where there are CQS solicitors.
In what way can the Landlord & Tenant Act 1954 impact my commercial premises in Harrold and how can you help?
The 1954 Act provides protection to business tenants, giving them the a statutory right to apply to court for a renewal tenancy and remain in occupation at the end of an expired lease. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Harrold is one of the numerous locations in which our lawyers are based
I need to instruct a conveyancing solicitor for my conveyancing in Harrold. I happened to stumble across a site which seems to have the ideal answer If it is possible to get all this stuff completed via email that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've recently bought a leasehold house in Harrold. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a 1st floor flat in Harrold, conveyancing having been completed January 2005. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Harrold with over 90 years remaining are worth £195,000. The ground rent is £45 per annum. The lease terminates on 21st October 2089
You have 63 years left to run the likely cost is going to span between £16,200 and £18,600 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.