I am 4 weeks into the sale of my ground floor flat in Scarborough and the estate agent has just telephoned to warn that the buyers are changing their conveyancer. The excuse is that the lender will only engage with solicitors on their approved list. On what basis would a leading mortgage company only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Scarborough ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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. Your purchasers are not going to have any sway in the decision.
Do conveyancers request money on account when it comes to conveyancing in Scarborough?
Where you are retaining lawyers for conveyancing in Scarborough your solicitor will request that you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the sale price then this should be required immediately in advance of contracts are exchanged. The final balance that is due will be payable a few days prior to the completion date.
We previously appointed solicitors based in Scarborough on the Coventry BS solicitor approved list. They are now charging me an additional sum for handling the Coventry BS mortgage. Is this an additional conveyancing fee set by Coventry BS?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your lawyer can levy a fee for this. This fee is not dictated by Coventry BS but by your Scarborough solicitor. Some firms on the Coventry BS panel will charge an ‘acting for lender’ fee but plenty of firms incorporate it on their overall fee.
It is unclear whether my bank requires a lease extension. I have called into my local Scarborough building society branch on various occasions and was informed it wasn't a problem and they would lend. My Scarborough conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the conveyancer is on the mortgage company panel, she or he must comply with the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 remaining.
About to purchase house in Scarborough. 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 Principality 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 Scarborough conveyancer is on the Principality conveyancing panel.
I used Action Conveyancing a few years ago for my conveyancing in Scarborough. Now, I need the documents however the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Scarborough of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Scarborough differ for newly converted properties?
Most buyers of new build property in Scarborough approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because developers in Scarborough usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Scarborough or who has acted in the same development.
I am a negotiator for a busy estate agent office in Scarborough where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Scarborough conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Scarborough - Sample of Queries before Purchasing
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Best to be warned if changing the roof or some other major work is pending that will be shared by the leaseholders and could well dramatically impact the level of the maintenance costs or result in a one off invoice. Generally speaking the cost for major works tend not to be included within maintenance charges, although a few managing agents in Scarborough ask leaseholders to pay into a sinking fund created for the specific intention of establishing a fund for larger repairs or maintenance. Be sure to discover if there is anything that is prohibited in the lease. For instance some leases prohibit pets being permitted in certain buildings in Scarborough. If you like the flatin Scarborough but your cat is not allowed to make the move with you then you will be faced hard compromise.