I am progressing with the sale of my maisonette in Hoyland and the estate agent has just telephoned to advise that the buyers are swapping law firm. The excuse is that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Hoyland ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders justify this action to a rise in fraud by way of justification for the cull – criteria have been tightened 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 being contacted daily by practices that have been removed from panels. Plenty of firms 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. Your purchasers are unlikely to have any impact on this.
In researching online forums for a high-quality solicitor in Hoyland, most post that I should instruct a CQS assured lawyer. Can you explain what CQS is?
Hoyland Conveyancing Quality Scheme law firms have achieved certification by the law Society The Law Society established CQS to promote high standards in the in the legal transfer of properties. CQS helps buyers and sellers to identify solicitor firms who provide a quality residential conveyancing. Hoyland is one of the many areas in England and Wales in which accredited firms are located. 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 available to solicitors and not licensed conveyancers and has the support of the Council of Mortgage Lenders.
A friend informed me that in buying a property in Hoyland there may be various restrictions as to what one can do in terms of external alterations to a property. Is this right?
We are aware of anumerous of properties in Hoyland which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Hoyland should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Hoyland bank branch on various occasions and was reassured it wasn't a problem and they will lend. My Hoyland conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the lawyer is on the bank approved list, she or he must follow the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Planning on purchasing a apartment in Hoyland. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Hoyland solicitor is on the Clydesdale conveyancing panel.
Various internet forums that I have frequented warn that are the number one cause of obstruction in Hoyland conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Hoyland.
Do you have any top tips for leasehold conveyancing in Hoyland from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Hoyland can be avoided if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers’ conveyancers. If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unresolved. Many landlords or Management Companies in Hoyland levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Hoyland. If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Organising a replacement share certificate is often a lengthy process and delays many a Hoyland home move. If a reissued share is needed, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.
I invested in buying a leasehold flat in Hoyland, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Hoyland with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2093
With 68 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
Your search tool is useful but there are many lawyers listed near Hoyland being on the bank conveyancing panel. Can you recommend a specific firm on the lender approved panel?
We do not recommend specific Hoyland firms as the right Hoyland conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Hoyland knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..