I am progressing with the sale of my maisonette in Hertfordshire and the EA has just text me to advise that the purchasers are swapping property lawyer. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Hertfordshire ?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lending institutions blame a rise in fraud as the reason for the cull – 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 says it is hearing daily from firms 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. Your purchasers are unlikely to have any sway in the decision.
When can the exchange of contracts happen for domestic conveyancing in Hertfordshire and do I need to be at the conveyancers office?
Where you are local to our conveyancing solicitors in Hertfordshire you are welcome to attend to sign documents. However, the lender approved solicitors we work with supply a nationwide conveyancing service and give just as diligent and professional a job for you when communicating with you digitally. The signing of the contract is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the firm to address the formalities at the suitable time, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Hertfordshire)to be in the office available at the end of the phone to exchange contracts.
We hope to to buy with Coventry BS. I popped in 3 or 4 local firms but am struggling to find a Hertfordshire conveyancing firm on the Coventry BS panel. Can you assist?
Feel free to make the most of the find a conveyancing panel solicitor tool on this page. Pick the mortgage company and type Hertfordshire or your location and you will see numerous solicitors based in Hertfordshire or nearest you.
I'm buying my first flat in Hertfordshire with a mortgage from Barnsley Building Society. The sellers refused to reduce the amount so I negotiated £7000 of extras instead. The house builders rep advised me not reveal to my solicitor about the deal as it will jeopardize my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have just appointed agents to market my basement apartment in Hertfordshire. Conveyancing is yet to be initiated, but I have just had a quarterly maintenance charge demand – Do I pay up?
It best that you discharge the service charge as normal as all rents and maintenance invoices should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leasehold Conveyancing in Hertfordshire - Examples of Questions you should ask before Purchasing
-
Is anyone aware of any major works in the planning that could increase the service costs? Is the freehold reversion owned collectively by the leaseholders? Plenty Hertfordshire leasehold properties will be liable to pay a service charge for maintenance of the block invoiced on behalf of the freeholder. Should you acquire the flat you will have to meet this amount, usually in instalments accross the year. This may vary from two or three hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all probability there will be a ground rent for you to pay annual, ordinarily this is not a exorbitant figure, say approximately £25-£75 but you need to enquire it because sometimes it could be many hundreds of pounds.
Is it the case that all Hertfordshire conveyancers on every lender conveyancing panel?
You can use our search tool or you can pop into your local lender branch in Hertfordshire. the probability is that they will be in a position to list some reputable conveyancing solicitors in Hertfordshire