I am progressing with the sale of my maisonette in Highcliffe and the estate agent has just text me to warn that the purchasers are switching solicitor. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. On what basis would a big named lender only work with specific law firms rather the firm that they want to select to handle their conveyancing in Highcliffe ?
Banks have always had an approved set of law firms that can represent them, but in the last few 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 more than 25 years.
Lending institutions blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to reveal 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 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 purchasers are unlikely to have any sway in the decision.
My wife and I are due to complete on the purchase of a property in Highcliffe but as a consequence of wreckage from some water damage at the property I have was able negotiate reparation from the vendor in the sum of three thousand pounds taking the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process however UBS are not allowing this. Should they have been informed?
The property lawyer that is on a UBS approved list is duty bound to inform UBS of any amendments to the sale price. If you were to refuse your conveyancing practitioner to report the reduction to UBS then they would have to discontinue acting for you. In addition, UBS and you would have to appoint a new conveyancing practitioner for your conveyancing in Highcliffe.
Do the Building Society Association intend to launch a online directory to to identify practices on the Coventry BS conveyancing panel for instance in Highcliffe?
We are not aware of any intention on the part of the BSA to develop such a tool.
Can you point me to a directory of TSB panel conveyancers in Highcliffe on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. A small selection of lending institutions make their panel listings available on the web. If you are looking for a Highcliffe conveyancing practitioner on the TSB please use our facility.
Is it the case that all Highcliffe solicitors on the Bank of Ireland conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. The majority of mortgage companies do list licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
How can we tell if a Highcliffe conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Highcliffe getting recommendations is a good 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 advise that you speak with the lawyer conducting your conveyancing.
What makes a Highcliffe lease defective?
There is nothing unique about leasehold conveyancing in Highcliffe. Most leases are individual and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall
You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I own a split level flat in Highcliffe, conveyancing formalities finalised 10 years ago. How much will my lease extension cost? Corresponding flats in Highcliffe with a long lease are worth £190,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2087
With only 62 years remaining on your lease we estimate the premium for your lease extension to be between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
What is the difference between surveying and conveyancing in Highcliffe?
Conveyancing - in Highcliffe or elsewhere - is the legal term given to transferring legal title of property from one person to another. It therefore includes the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are purchasing and will help you find out about the condition of the building and, if there are problems, give you leverage for negotiating the purchase price down or asking the vendor to fix the defects before you complete your move.