Am I correct in assuming that the fact that my conveyancer in Tenterden is not on my mortgage company's conveyancing panel that there is a problem with the standard of her work?
That is more than likely an incorrect assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (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. Should you be concerned you should simply call the Tenterden conveyancing firm and ask them why they are no longer on the approved list for your bank.
I am purchasing a newly constructed duplex in Tenterden and my conveyancer is advising me that she has to the lender to reveal incentives from the seller. I am nearing the developer’s deadline to sign contracts and I don't want to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
How up to date is your search tool for Tenterden conveyancing solicitors on the HSBC conveyancing panel? Do HSBC send you an updated list?
Tenterden conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
Are all Tenterden Conveyancing Quality Solicitors on the Clydesdale conveyancing list of approved firms?
Some major lenders now use CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
We previously appointed conveyancing lawyers locally in Tenterden on the Skipton solicitor approved list. They are now charging me a supplemental amount for the legal aspects of the Skipton mortgage. Is this a supplemental conveyancing fee set by Skipton?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your conveyancing practitioner may charge a fee for this. This charge is not set by Skipton but by your Tenterden conveyancer. Some firms on the Skipton panel will quote an ‘acting for lender’ fee but some firms include it on their overall fee.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Tenterden building society branch on a couple of occasions and was told it does not affect the mortgage offer and they would lend. My Tenterden conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The lawyer has to follow the CML Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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.
Should my solicitor be making enquiries regarding flooding during the conveyancing in Tenterden.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Tenterden. Some people will buy a house in Tenterden, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a various searches that may be carried out by the purchaser or by their lawyers which can figure out the risks in Tenterden. The standard information given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual question of the seller to determine if the premises has suffered from flooding. In the event that the property has been flooded in past which is not notified by the owner, then a buyer may issue a claim for damages as a result of such an misleading response. The buyer’s solicitors may also commission an environmental search. This will indicate whether there is a recorded flood risk. If so, further inquiries will need to be made.
How does conveyancing in Tenterden differ for new build properties?
Most buyers of new build residence in Tenterden approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Tenterden usually acquire the site, 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 conveyancing solicitors 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 Tenterden or who has acted in the same development.