I am one month into the sale of my house in Shirehampton and the estate agent has just e-mailed to warn that the purchasers are changing their law firm. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their approved list. On what basis would a major lender only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Shirehampton ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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 impact on this.
We're in Shirehampton, First time buyers purchasing with a mortgage (lender is UBS , and our lawyer is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Shirehampton?
Two types of professional can perform conveyancing in Shirehampton namely CLC regulated conveyancers or solicitors. Both professionals administer the legal services that you need to complete the sale or acquisition of property. Both are obliged to handle Shirehampton conveyancing to the same quality and guidelines so you may be safe in the knowledge that your conveyancing will be professionally administered and that the necessary procedures should be correctly taken.
Can you help - my lawyer says that restrictive coveneant insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Shirehampton?
The appropriate level of restrictive coveneant indemnity insurance should be dictated by who your lender. It would differ for example between Birmingham Midshires and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
Can I be sure that the Shirehampton conveyancing solicitor on the Nottingham panel is any good?
When it comes to conveyancing in Shirehampton obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the lawyer carrying out your transaction.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when acquiring a residence in Shirehampton?
Unless a previous acquisition of the premises took place post 12 October 2013 you can take it that lawyers handling conveyancing in Shirehampton to continue to advocate a chancel search and or insurance against a claim.
I am buying a new build house in Shirehampton with a mortgage from The Mortgage Works. The sellers would not reduce the price so I negotiated 6k of extras instead. The house builders rep suggested that I not disclose to my conveyancer about this side-deal as it could jeopardize my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Completion is due on the disposal of our £475,000 apartment in Shirehampton in just under a week. The management company has quoted £336 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Shirehampton?
For the majority of leasehold sales in Shirehampton conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering pre-exchange questions
Where consent is required before sale in Shirehampton
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Shirehampton Leasehold Conveyancing - A selection of Queries Prior to buying
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Many Shirehampton leasehold properties will incur a service charge for maintenance of the building invoiced on behalf of the freeholder. Should you acquire the property you will have to pay this charge, usually quarterly during the year. This can vary from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge to be met yearly, normally this is not a exorbitant amount, say about £50-£100 but you should to check it because on occasion it can be prohibitively expensive. The answer will be helpful as a) areas could result in problems for the block as the communal areas may start to deteriorate where maintenance remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to have all the details What is the the remaining lease term?