Am I correct in assuming that the fact that my solicitor in Stretford is not listed on my mortgage company's conveyancing panel that there is a problem with the quality of the firm’s work?
That would most likely be a wrong assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Stretford conveyancing practice and enquire why they are no longer on the approved list for your lender.
How up to date is your database of Stretford solicitors on the Principality conveyancing panel? Do Principality send you an updated list?
Stretford conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
My property lawyer in Stretford is not listed on the Barclays Solicitor Panel. Can I still use my prefered solicitor notwithstanding that they are excluded from the Barclays list of approved lawyers?
Your options are as follows:
- Carry on with your existing Stretford solicitors but Barclays will need to use a conveyancer on their list of acceptable firms. This will inevitably rack up the overall conveyancing charges as well as result in frustration.
- Choose an alternative lawyer to to deal with the conveyancing, obviously checking they are on the Barclays panel
Are all Stretford Conveyancing Quality Solicitors on the Leeds Building Society conveyancing list of approved practices?
A selection of banks and building societies now use the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
When it comes to mortgage companies such as Virgin Money, do Stretford conveyancing practitioners have to pay a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Stretford building society branch on numerous occasions and was advised it wasn't an issue and they will lend. My Stretford conveyancing solicitor - who is on the bank 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.
The conveyancing practitioner has to comply with the CML Handbook Part 2 requirements for your 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 left on the lease.
I have been on the look out for a leasehold apartment up to £245,000 and identified one near me in Stretford I like with amenity areas and railway links nearby, however it only has 61 years unexpired on the lease. I can't really find anything else in Stretford for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
Is there an average conveyancing fee for conveyancing in Stretford?
The average fee last year for conveyancing in Stretford was £1,500 not including Stamp Duty and HMLR charges.