I am selling my flat in Verwood and the estate agent has just text me to advise that the buyers are changing their property lawyer. The reason given is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a big named lender only deal with specific law firms rather the firm that they want to select for their conveyancing in Verwood ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say 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 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 purchasers are not going to have any sway in the decision.
Are all Verwood Conveyancing Quality Solicitors on the Principality conveyancing panel?
Some major banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. 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 firms wishing to remain on their panels.
We have agreed to purchase a house in Verwood. One unusual aspect is that the roof has a solar panel. Skipton have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Skipton your lawyer must follow the formal requirements contained in Part two of UK Finance Lenders’ Handbook for Skipton. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancers are required to report to Skipton where a lease fails to satisfy these provisions. The provisions relate to the installation of panels on properties countrywide and is not limited to Verwood.
We expect to receive a AIP from Principality this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Principality recommend any Verwood solicitors on the Principality conveyancing panel, or is it better to go independently?
You will need to appoint Verwood solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
I am selling our home in Verwood and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any high street Verwood conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using an internet conveyancing firm as opposed to a conveyancing solicitor in Verwood. We have lived in Verwood for 4 years we know of no issue. Should we contact our local Authority to get clarification need.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Verwood differ for new build properties?
Most buyers of new build property in Verwood approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because developers in Verwood tend to acquire the real estate, 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 Verwood or who has acted in the same development.
I need to find a conveyancing solicitor for some conveyancing in Verwood. I happened to stumble across a web site which looks to be the perfect answer If it is possible to get all the legals completed via web that would be ideal. Do I need to be concerned? What should out be looking out for?
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?
I've found a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Verwood. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Verwood are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Verwood so you should seriously consider shopping around for a Verwood conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I invested in buying a 1st floor flat in Verwood, conveyancing having been completed 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Verwood with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ends on 21st October 2084
You have 59 years left to run we estimate the premium for your lease extension to span between £20,900 and £24,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.