I am one month into the sale of my apartment in Moorends and the EA has just e-mailed to advise that the buyers are switching conveyancer. The excuse is that the lender will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only engage with certain solicitors rather the firm that they want to choose for their conveyancing in Moorends ?
Banks have always had panels of law firms they are content to work with, 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 acted for them for decades.
Lenders attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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. Some 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. Your purchasers are unlikely to have any sway in the decision.
Are the BSA intent on creating a search tool with a view to list practices on the Loughborough BS conveyancing panel for example in Moorends?
We have not been informed any plans on the part of the BSA to promote such a search facility.
We have agreed to purchase a house in Moorends. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
Given that you are obtaining a mortgage with Virgin Money your lawyer must comply with the conveyancing instructions contained in Section 2 of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook includes minimum requirements for solar panel roof-space leases, and solicitors are required to report to Virgin Money where a lease does not satisfy these specifications. The specifications relate to the installation of panels on properties nationwide and is not restricted to Moorends.
Completion of my purchase has taken place for my property in Moorends. Conveyancing was satisfactory but I would like to complain about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
About to purchase maisonette in Moorends. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham 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 Moorends solicitor is on the Nottingham conveyancing panel.
We are 3 weeks into a freehold purchase having been directed to solicitors by the high street agent to do our conveyancing in Moorends. I am am starting to be frustrated with the quality of service. Could you you assist me in finding new lawyers?
A lawyer would have to be very bad to suggest replacing them. Has your mortgage been generated? In the event that it has you will need to inform them of the new conveyancer and have the offer are issued to the new lawyers. The conveyancer should be on the mortgage company approved list to avoid added fees and frustration. So that should be your first question of the new lawyers. Our find a solicitor tool should help you find a bank approved conveyancer for your conveyancing in Moorends
I’m about to sell my 2 bed flat in Moorends. Conveyancing is yet to be initiated, however I have recently received a yearly maintenance charge demand – Do I pay up?
It best that you discharge the maintenance contribution as normal as all rents and maintenance payments will be allotted on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I bought a 2 bed flat in Moorends, conveyancing formalities finalised November 2012. Can you work out an approximate cost of a lease extension? Similar flats in Moorends with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 per annum. The lease expires on 21st October 2089
You have 63 years remaining on your lease we estimate the premium for your lease extension to span between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. 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 move forward based on this information before getting professional advice.
I pay a service charge for my appartment in Moorends. Due to losing my job and personal issues I slipped behind with payments. I negotiated a payment schedule but there is still approximately £2000 currently due.
I now wish to dispose of the property and I am nervous that this will hold me back if I have to discharge the arrears now. I'd like to sell up and then pay them back with the completion monies - is this viable?
You should check with the property lawyer conducting your Moorends conveyancing but one option might be to arrange for the debt to be transferred to the purchasers. The contractual price due would be adjusted to reflect the amount of debt they take on. They would then discharge the arrears following completion of the purchase.