I am nearing exchange of contracts for my maisonette in Royal Tunbridge Wells and the estate agent has just text me to warn that the purchasers are swapping solicitor. The excuse is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a major lender only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Royal Tunbridge Wells ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies justify this action to a rise in fraud as the reason for the cull – criteria have been tightened 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 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 buyers are unlikely to have any sway in the decision.
Can you explain why leasehold purchase conveyancing in Royal Tunbridge Wells is more expensive?
In summary, leasehold conveyancing in Royal Tunbridge Wells and elsewhere usually warrants extra hours of investigation compared to freehold transactions. This includes analysing the lease terms, corresponding with the landlord concerning serving required notices, procuring current 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 – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
My conveyancer has informed me that breach of easement insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Royal Tunbridge Wells?
The appropriate level of breach of easement indemnity insurance depends on who your lender is. It would differ for example between HSBC Bank and The Royal Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such insurances.
My wife and I have organised the release of further monies on our home loan from RBS as we wish to conduct improvements to our house in Royal Tunbridge Wells. Do we need to select a nearby Royal Tunbridge Wells solicitor on the RBS conveyancing panel to handle the legals?
RBS do not ordinarily require a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS conveyancing panel.
I am currently in the process of buying my council flat in Royal Tunbridge Wells. I have a mortgage offer with UBS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
What can a local search inform me regarding the house I am purchasing in Royal Tunbridge Wells?
Royal Tunbridge Wells conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company for instance Onsearch The local search plays a central role in most Royal Tunbridge Wells conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I have a 4 bedroom Georgian house in Royal Tunbridge Wells. Conveyancing practitioner acted for me and Platform Home Loans Ltd. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold under the exact same property. Is it worth asking Platform Home Loans Ltd to clarify?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Royal Tunbridge Wells and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing solicitor who conducted the conveyancing.
I am buying my first flat in Royal Tunbridge Wells benefiting from help to buy. The builders would not move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not to tell my lawyer about the deal as it will jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.