Much to our surprise we have been told by our broker that my Lyneham lawyer is not on the bank Solicitor panel. How can I be sure whether this is correct?
Your first step should be to call your Lyneham lawyer directly. It is reasonable to expect your lawyer to inform you what has happened. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your lender.
Are you able to recommend a HSBC Bank sanctioned Lyneham conveyancing conveyancer that can complete within a very limited time frame? Would it be better to use a local Lyneham practice or a nationwide comparison site?
We would be happy to suggest some excellent Lyneham conveyancing firms. You can also walk up the high street in Lyneham. Visit some well established law practices and request to see a conveyancing solicitor for a quote. Discuss your deadline together with your reasons and ask for a commitment on speed. Appoint the lawyer that genuine.
What does my ID and proof of funds have anything to do with my conveyancing in Lyneham? Why is this being asked of me?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the ID of the potential client they are dealing with before they can accept their conveyancing instruction. The Client Care letter that you need to sign should stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you are unwilling to supply identification documents, your lawyer will not be able to take you on as a client.
I had intended to instruct a property lawyer in Lyneham for our house move. Our broker informed us that our bank Godiva Mortgages Ltd won't deal with them. Why is this not regarded as unfair competition?
Banks ordinarily imposes restrictions either the category or the number of conveyancing solicitors on their panel. Typical examples of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, a few banks have reduced the amount of firms they use to act for them. Be aware that Godiva Mortgages Ltd have no responsibility for the quality of advice provided by any member of Godiva Mortgages Ltd Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there remains differing views about the extent of solicitor involvement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Lyneham only perform a couple conveyances a year.
My wife and I are in the throws of looking at apartments in Lyneham and I am now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a mortgage with Coventry BS.
It would be sensible to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are seeking a mortgage with Coventry BS, make sure you remember to check that your lawyer is on the Coventry BS conveyancing panel.
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 into my local Lyneham bank branch on a couple of occasions and was told it wasn't an issue and they will lend. My Lyneham conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend based on their specific requirements. I have no idea who is right.
Provided that the conveyancer is on the mortgage company approved list, she or he must adhere to the CML Handbook provisions 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my house. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Principality are being problematic. The Lyneham solicitor who is on the Principality conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Principality are insisting on a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
What are your top tips when it comes to finding a Lyneham conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Lyneham conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Lyneham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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What volume of lease extensions has the firm carried out in Lyneham in the last 12 months?
I acquired a basement flat in Lyneham, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Lyneham with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2101
With only 76 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.