I am nearing exchange of contracts for my flat in Maidenbower and the EA has just called to say that the purchasers are appointing a new law firm. I am told that this is due to the fact that the lender will only engage with solicitors on their conveyancing panel. On what basis would a big named mortgage company only engage with certain lawyers rather the firm that they want to select to handle their conveyancing in Maidenbower ?
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 Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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 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. The purchasers are unlikely to have any impact on this.
Can you explain why leasehold purchase conveyancing in Maidenbower is more expensive?
In short, leasehold conveyancing in Maidenbower and West Sussex usually necessitates extra work compared to freehold conveyancing. This includes analysing the lease terms, communicating with the landlord about the service of applicable notices, procuring up-to-date service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first granted.
After scouring online forums for a recommended solicitor in Maidenbower, most post that I must use a CQS assured solicitor. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home ownership transfers, trusted by some of the UK's major mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). The scheme does not cover licenced conveyancers. Maidenbower is one of the numerous areas of the UK where there are Accredited lawyers.
I am helping my niece sell her house in Maidenbower. Will the conveyancer order an energy assessment or should I organise this?
Following the abolition of Home Information Packs, EPC’s was maintained a compulsory part of selling a property. An energy assessment must be commissioned prior to the property being advertised. It is not as aspect of the sale process that conveyancers ordinarily arrange. If you are using a Maidenbower conveyancing practitioner they might help arrange energy assessments given their relationships with long established local accredited person
is it true that all Maidenbower solicitors on the Bank of Ireland conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Bank of Ireland conveyancing panel they would need to be governed by the SRA. Some banks do permit licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers.
After weeks of negotiation I have agreed a price on a house in Maidenbower. My mortgage broker suggested a property lawyer. I paid an advanced payment of £175. A few days later, the solicitor contacted me embarrassingly acknowledging that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am purchasing a new build house in Maidenbower with a mortgage from Halifax. The developers refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not to tell my lawyer about the extras as it will adversely affect my loan with Halifax. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Am I right to be wary that estate agents that I am dealing with are recommending a factory type conveyancing firm rather than a local Maidenbower conveyancing company?
As with lots of professional services, often referrals from relatives can be very helpful. Yet there are lots of players in a conveyancing matter; estate agents, financial adviser and lenders might all suggest conveyancers to instruct. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes commercial relationship behind the endorsement. You have the right to choose your own lawyer. Don't forget that most mortgage providers operate an approved list of solicitors you have to use for the mortgage related work in your home move.