I am one month into the sale of my apartment in Undy and the estate agent has just e-mailed to advise that the buyers are swapping law firm. The reason given is that the lender will only engage with solicitors on their approved list. Why would a big named mortgage company only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Undy ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been narrowed 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 says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that 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 not going to have any sway in the decision.
Some advice if I may. My Undy lawyer is advising me that she is duty bound toorder Undy conveyancing searches becausethe firm are on the HSBCconveyancing panel. Is my lawyer right?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Undy conveyancing searches.
I am helping my mother sell her property in Undy. Does the conveyancing solicitor arrange the energy performance certificate or it is for the seller to coordinate?
After the abolition of Home Packs, energy assessments was left as a required part of moving house. An energy performance certificate needs to be commissioned before the property is put on the market. This is not a task that conveyancers normally arrange. If you are using a Undy conveyancing solicitor they may help arrange EPC’s due to their contacts with reputable local assessors
We are getting a further advance on our home loan from Co-operative as we intend to carry out alterations to our home in Undy. Do we need to select a local Undy solicitor on the Co-operative conveyancing panel to handle the legals?
Co-operative don't usually instruct a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative panel.
I am purchasing a property in Undy. A rare aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is RBS your lawyer must follow the conveyancing instructions outlined in Section 2 of UK Finance Lenders’ Handbook for RBS. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and lawyers are required to report to RBS where a lease fails to comply with these requirements. The specifications relate to the installation of panels on properties countrywide and is not limited to Undy.
A friend advised me that if I am purchasing in Undy I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Undy conveyancing searches. It is not a small report of about 40 pages, listing and detailing important information about Undy around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Undy Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Undy Education with plans and statistics, Local Amenities and other useful information regarding Undy.
I have been on the look out for a leasehold apartment up to £305k and identified one round the corner in Undy I like with a park and transport links nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Undy suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the shortness of the lease will be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can ask them to start the process of the extension and pass 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 concerning this.
I have been sourcing a conveyancing lawyer in Undy for my purchase. Is it possible to check a firm’s complaints history with the profession’s regulator?
One may see published Solicitor Regulator Association (SRA) determinations arising from inquisitions commenced on or after Jan 2008. Visit Check a solicitor's record. For information Pre 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The regulator sometimes recorded call for training requirements.