I am nearing exchange of contracts for my flat in Slough and the estate agent has just e-mailed to say that the buyers are appointing a new property lawyer. The reason given is that the bank will only deal with solicitors on their approved list. On what basis would a leading lender only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Slough ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Banks blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to oversee. 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 hearing daily from firms that have been removed from panels. Plenty of firms 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 unlikely to have any sway in the decision.
My wife and I are purchasing a newly built duplex in Slough and my solicitor is informing me that she has to the bank to reveal incentives from the builder. I am on a tight deadline to exchange contracts and I don't want to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It is is a decade since I acquired my property in Slough. Conveyancing solicitors have now been instructed on the sale but I can't find my title deeds. Will this cause complications?
Don’t worry too much. First the deeds may be kept by your lender or they may still be with the solicitor who acted in your purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring current official copies of the land registers. The vast majority of conveyancing in Slough involves registered property but in the rare situation where your home is unregistered it is more tricky but is not insurmountable.
After reading moneysavingexpert.com for a high-quality lawyer in Slough, most comment that I should instruct a CQS accredited solicitor. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with best practice conveyancing processes via the scheme protocol Membership includes many companies who conduct conveyancing in Slough.
The estate agent has sent us the confirmation of our purchase of a new build flat in Slough. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Slough
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply a car parking plan.
I need to retain a conveyancing solicitor for purchase conveyancing in Slough. I have stumble upon a web site which appears to be the perfect solution If there is a chance to get all formalities completed via web that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?