I am in the process of selling my apartment in Higher Kinnerton and the EA has just telephoned to advise that the buyers are switching law firm. The excuse is that the lender will only engage with property lawyers on their approved list. Why would a big named mortgage company only deal with certain law firms rather the firm that they want to appoint for their conveyancing in Higher Kinnerton ?
Mortgage companies 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 considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 buyers are unlikely to have any sway in the decision.
We're in Higher Kinnerton, FTBs purchasing with a mortgage (lender is Principality , and our solicitor is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Is it correct that all Higher Kinnerton CQS (Conveyancing Quality Scheme) solicitors are on the Principality conveyancing list of approved firms?
Some major lenders now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
When it comes to lenders such as TSB, do Higher Kinnerton conveyancing practitioners have to pay a yearly amount to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
We had instructed conveyancers locally in Higher Kinnerton on the Kent Reliance solicitor approved list. They are now charging me a supplemental fee for dealing with the Kent Reliance mortgage. Is this a supplemental conveyancing fee specified by Kent Reliance?
Unfortunately, as long as it is in their Terms of Engagement or Quote then yes your lawyer is entitled to levy a fee for this. The fee is not dictated by Kent Reliance but by your Higher Kinnerton solicitor. Some firms on the Kent Reliance panel will levy an ‘acting for lender’ fee but plenty of practices include it on their overall fee.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Higher Kinnerton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Higher Kinnerton
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Please confirm the Lease plans are architect prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I have been on the look out for a leasehold apartment up to £235,500 and found one near me in Higher Kinnerton I like with open areas and station in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in Higher Kinnerton for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage that many years will be problematic. Reduce the offer by the expected 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 ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I am considering instructing a web based lawyer ahead of a Higher Kinnerton conveyancing firm. Any advice?
There are advantages of being able to attend a local Higher Kinnerton conveyancing solicitor such as
- signing papers on short notice
- often being able to speak to someone face-to-face can make a huge difference, particularly for more complex transactions
- the ability to raise concerns if matters go pear-shaped
When comparing quotes, look out for hidden extras. Most decent Higher Kinnerton high street solicitors give an all-inclusive figure. Many online agents appear to offer low cost prices, but have hidden 'extras' in the fine print.