Me and my partner are acquiring a leasehold flat in Maidstone. My Conveyancer is not listed on the bank approved panel. Am I still permitted to retain my Maidstone conveyancing solicitor even though they are not on the lender panel of approved conveyancing solicitors?
One will need to instruct a conveyancer to complete the legal work required if you need a mortgage to purchase your home. They will conduct all the essential due diligence on the property, make sure that you will be properly registered as the owner and ensure that all the required mortgage documentation is in order. You may select a Maidstone conveyancing practitioner of your choosing. Nevertheless, if the solicitor appointed is not on the bank approved list additional costs will arise as separate legal representation will be required by them. Bank panel applications may be submitted, so if your conveyancer has not historically applied for membership they can do so.
We wanted to use a conveyancing solicitor in Maidstone for our house move. Our financial adviser has since notified us that our mortgage company National Westminster Bank won't deal with them. Why is this not regarded as unfair competition?
Banks on the whole restrict either the type or the number of conveyancing solicitors on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. As well as restricting the type of firm, some have reduced the amount of firms they allow to act for them. You should note that National Westminster Bank have no responsibility for the quality of advice provided by any member of National Westminster Bank Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels a few years ago even though there remains differing views concerning the extent of solicitor engagement in some of that fraud. Figures from the Land Registry reveal that thousands of law firms, including some in or near Maidstone only execute one or two conveyances a year.
Is it the case that all Maidstone CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing panel?
Some major banks and building societies now make use of CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
We had chosen solicitors based in Maidstone on the Kent Reliance solicitor approved list. They have just billed me a further charge for handling the Kent Reliance mortgage. Is this an additional conveyancing fee set by Kent Reliance?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your conveyancing practitioner is entitled to levy a fee for this. This fee is not set by Kent Reliance but by your Maidstone lawyer. Numerous firms on the Kent Reliance panel will levy an ‘acting for lender’ fee but plenty of practices incorporate it on their overall fee.
I have a mortgage with RBS for my property in Maidstone. Conveyancing has been completed 12 months ago. If I am intending 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 RBS?
RBS must be informed of your intention before letting out your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will permit you to let 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 RBS directly. It should not be necessary to do this via a RBS conveyancing panel solicitor.
Is it possible to change firm as I have to select one who is on the Alliance & Leicester conveyancing panel. I hired a family conveyancing solicitor in Maidstone five minutes from me but he is not approved by Alliance & Leicester
We will our best to assist in finding you a conveyancing solicitor in Maidstone on the Alliance & Leicester panel. Please note that the law firms that we work with do not pay us a referral fee if you instruct them and are under regulation of the SRA who oversee all conveyancing solicitors in Maidstone. Using search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Maidstone.
I've recently bought a leasehold property in Maidstone. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Maidstone Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
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Is anyone aware of any major works anticipated that will likely increase the service charges? You will want to find out as much as you can concerning the managing agents as they can either make living at the property much simpler or problematic. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to day to day matters such as the cleanliness of the communal areas. Enquire of other people if they are happy with their service. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically what it includes. Most Maidstone leasehold apartments will have a service charge for the upkeep of the building levied on behalf of the freeholder. If you acquire the apartment you will have to pay this liability, normally quarterly accross the year. This may differ from several hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a ground rent to be met yearly, this is usually not a exorbitant sum, say approximately £25-£75 but you need to check as sometimes it could be many hundreds of pounds.
I'm buying a bungalow in Maidstone. I have found my conveyancer's company on the Law Society's list, but I can't find my conveyancer's name as listed on the regulator's website. Should I be concerned?
Not all staff in the practice must be listed by the regulator. Provided there is a manager qualified to 'oversee' the work, the actual day-to-day activity can be undertaken by unqualified staff.