I am nearing exchange of contracts for my house in Lickey End and the EA has just called 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 solicitors on their conveyancing panel. Why would a leading lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Lickey End ?
Banks have always had an approved set of law firms they are willing to work with, but in recent 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 over 25 years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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 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 buyers are not going to have any sway in the decision.
I am buying a new build flat in Lickey End. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Lickey End you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Lickey End.
I'm the single recipient of my late father’s will with all property in now in my sole name, including the my former home in Lickey End. Conveyancing formalities meant that the Land Registry date was in October. I plan to dispose of the property. I do know about the CML 6 month 'rule', meaning my proprietorship may be considered the same way as though I had purchased the house in October. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. many banks would take a practical view as this obligation is primarily there to pick up on subsales or the wholesaling and assigning of property.
When it comes to lenders such as Skipton, do Lickey End property lawyers have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Is there a list of RBS panel solicitors in Lickey End on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings visible over the internet. If you are seeking to appoint a Lickey End conveyancing practitioner on the RBS please make the most of our tool.
Will our lawyer be asking questions concerning flooding during the conveyancing in Lickey End.
The risk of flooding is if increasing concern for solicitors dealing with homes in Lickey End. There are those who acquire a property in Lickey End, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, but there are a various searches that may be undertaken by the buyer or by their lawyers which should give them a better understanding of the risks in Lickey End. The standard information supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a usual question of the owner to determine whether the premises has historically flooded. If flooding has previously occurred and is not notified by the owner, then a buyer may commence a claim for damages as a result of such an inaccurate response. A purchaser’s conveyancers should also commission an enviro report. This should higlight whether there is any known flood risk. If so, further investigations should be conducted.
I am buying a new build apartment in Lickey End. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Lickey End
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are architect prepared. There must be mutual enforceability of lessee’s covenants.
My brother has encouraged me to use his conveyancing solicitors in Lickey End. Should I choose my own solicitor?
No doubt the best way to select a conveyancing practitioner is to get referrals from friends or relatives who have experience in using the conveyancer you're contemplating using.