I am six weeks into the sale of my apartment in Selston and the EA has just called to warn that the buyers are switching solicitor. The excuse is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a big named mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Selston ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to oversee. 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 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. The purchasers are not going to have any sway in the decision.
In researching online forums for a recommended solicitor in Selston, many comment that I should instruct a CQS accredited solicitor. Can you explain what CQS is?
Selston Conveyancing Quality Scheme law firms have been granted certification by the law Society CQS was established to establish evidence of quality standards in the in the legal transfer of properties. CQS enables consumers to identify practices who provide a quality residential conveyancing. Selston is one of locations in England and Wales in which CQS are based. The scheme obliges practices to undergo a strict assessment, compulsory training, self-reporting, random audits and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Legal Ombudsman.
My wife and I are intent on selling our house in Selston and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any local lawyer would know this is not the case. For the life of me I don't know why the buyers used an internet conveyancing outfit rather than a conveyancing solicitor in Selston. Having lived in Selston for 4 years we know that this is a non issue. Is it a good idea to contact our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I have been pointed in your direction by a couple of local property agents in Selston to find a property lawyer on your site. Is there a financial upside for Estate Agents to market your lawyers ahead of another?
We refuse to give any commission for pointing buyers and sellers to this site. We thought it would be too underhand a fee because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Back In 2003, I bought a leasehold flat in Selston. Conveyancing and The Mortgage Works mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Selston who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Selston conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Selston Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
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The prefered form of lease arrangement is a share of the freehold. In this arrangement the lessees have control and notwithstanding that a managing agent is often employed where the building is larger than a house conversion, the managing agent retained by the leaseholders. What prohibitions are contained in the Selston Lease? If a Selston lease has fewer than eighty years it will affect the value of the flat. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and it is worth finding out how much this will be. For most Selstonlease extensions you will be be obliged to have been the owner of the residence for two years before you are entitled to carry out a lease extension.
Why do I have to provide my lawyer with various items of ID ahead of starting my conveyancing in Selston?
Selston lawyers are required by the Law Society, SRA, the Land Registry and current Money Laundering Regulations to record that the have checked the identity of their clients. It is also sometimes a condition of your mortgage offer. In addition they have to complete various forms, particularly those relating to stamp duty land tax and need to have information such as your full names, national insurance number and DOB.