I am in the process of selling my flat in Hook Norton and the estate agent has just text me to advise that the purchasers are changing their law firm. I am told that this is due to the fact that the bank will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only work with specific law firms rather the firm that they want to select for their conveyancing in Hook Norton ?
Banks have always had panels of law firms they are willing to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 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 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. The purchasers are unlikely to have any sway in the decision.
After looking at consumer advice sites for an affordable lawyer in Hook Norton, many say that I should instruct a CQS accredited lawyer. Can you explain what CQS is?
Hook Norton Conveyancing Quality Scheme law firms have obtained accreditation by the law Society The Law Society introduced CQS to promote high standards in the in the legal transfer of properties. CQS enables house movers to identify solicitor firms that provide a quality residential conveyancing. Hook Norton is one of the many areas in England and Wales in which accredited firms have a presence. The scheme requires solicitors to undergo a strict assessment, compulsory training, self-reporting, random audits and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Association of British Insurers.
When it comes to lenders such as UBS, do Hook Norton conveyancers face a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Is it the case that all Hook Norton solicitor practices on the Kent Reliance conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Kent Reliance approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel and in that case the firms would be overseen by the CLC.
We are getting a further advance on our mortgage from Kent Reliance as we wish to conduct renovations to our property in Hook Norton. Are we obliged to select a bricks and mortar Hook Norton solicitor on the Kent Reliance conveyancing panel to handle the legals?
Kent Reliance would not normally require a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance conveyancing panel.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Hook Norton is the location of the property. Can you shed any light on this issue?
Flying freeholds in Hook Norton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hook Norton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hook Norton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I have been sourcing a conveyancing practitioner in Hook Norton for my sale. Is it possible to review a firm’s record with the legal regulator?
You may search for presented Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. For details about the period before 1 January 2008, or to check a solicitors history, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The regulator may monitor telephone calls for training purposes.
Looking forward to sign contracts shortly on a ground floor flat in Hook Norton. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Hook Norton should include some of the following:
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What you can do if another tenant in the building breaches a clause of their lease? Whether your lease has a provision for a slush account for major works? The physical extent of the property. This may be the apartment itself but might include a attic or cellar if appropriate. You should be sent a copy of the lease Responsibility to repair and maintain the block. It is essential that you know who is duty bound to repair and maintenance of every part of the building
Hook Norton Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
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What prohibitions are contained in the Hook Norton Lease? How much is the service charge and ground rent on the apartment? The best form of lease arrangement is if the freehold reversion is owned by the leaseholders. In this arrangement the lessees benefit from being in charge if their destiny and even though a managing agent is often retained where the building is larger than a house conversion, the managing agent employed by the leaseholders.