I am selling my home in Kineton and the EA has just e-mailed to advise that the buyers are switching law firm. The excuse is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Kineton ?
Banks have always had an approved set of law firms that can act for them, 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 decades.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose 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. 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 not going to have any sway in the decision.
Can your site be used to recommend a Conveyancing solicitor in Kineton even if I’m not purchasing or selling a house, for example if I intend to buy a shop in Kineton with a mortgage from Yorkshire Building Society?
The service is predominantly used to locate domestic conveyancing solicitors in Kineton but we have listed towards the bottom of this page some Kineton commercial conveyancing firms. You should enquire with the solicitors directly to check if they are also authorised to represent Yorkshire Building Society
What happens if my lawyer’s firm is expelled from the Barclays Conveyancing panel ahead of completing my conveyancing in Kineton?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Can you point me to a directory of Yorkshire BS panel solicitors in Kineton on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. Very few banks make their panel listings open the public on the web. Where you are in need of a Kineton property lawyer on the Yorkshire BS please make the most of our tool.
I have a mortgage with Skipton for my property in Kineton. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
Your original mortgage agreement with Skipton will provide that you need their approval prior to letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. It should not be necessary to do this via a Skipton conveyancing panel firm.
Intending to buy a maisonette in Kineton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB 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 Kineton solicitor is on the TSB conveyancing panel.
What advice can you give us when it comes to finding a Kineton conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Kineton conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Kineton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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If the firm is not ALEP accredited then why not? How familiar is the practice with lease extension legislation?
I inherited a 1 bedroom flat in Kineton, conveyancing having been completed 4 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Kineton with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2092
With just 67 years remaining on your lease we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
I am in the process of purchasing my 1st property in Kineton. Conveyancing solicitor has been instructed. The financial consultant suggested that a survey is not appropriate as the house was only built 22 years ago.
You would be best advised to take a Home Buyer's Report. Given the premises is more than 10 years old the property will not come with a warranty, so you don't want to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report may be enough. They will highlight any obvious problems and recommend additional investigation if relevant. Where there are any signs of problems obtain a comprehensive structural survey.