Unfortunately I am unable to travel far from Woore. Is there a reason why all Woore conveyancers aren't included on all mortgage company panels?
Mortgage companies highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in banks and building societies culling a number of firms from their official list of approved property lawyers .
Our solicitor has uncovered a a legal deficiency with the lease for the flat we are buying in Woore. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Can I be sure that the Woore conveyancing solicitor on the HSBC panel is any good?
When it comes to conveyancing in Woore getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer conducting your transaction.
We were going to get a OIP from HSBC this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do HSBC recommend any Woore solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint Woore solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
I can not fathom if my lender requires a lease extension. I have called my Woore building society branch on various occasions and was told it wasn't a problem and they will lend. My Woore conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. Who do I believe?
Your property lawyer has to follow the CML Handbook section two conditions for your bank. 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I require fast conveyancing in Woore as I am faced with a deadline to exchange contracts within one month. A home loan is not required. Can I escape the need for conveyancing searches to save fees and time?
If.Given you are are a cash purchaser you are at free not to have searches carried out although no solicitor would advise that you don't. With plenty of history conveyancing in Woore the following are instances of what can crop up and adversely affect future saleability: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...
What advice can you give us when it comes to appointing a Woore conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Woore conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with two or three firms including non Woore conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be helpful:
-
Can they put you in touch with clients in Woore who can give a testimonial? If they are not ALEP accredited then what is the reason?
I acquired a ground floor flat in Woore, conveyancing having been completed May 1999. Can you work out an approximate cost of a lease extension? Similar flats in Woore with a long lease are worth £211,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2093
With 67 years unexpired we estimate the premium for your lease extension to span between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
My fiance and I have recently had an offer agreed on a property and had meeting on Friday with the Post Office for the mortgage. They advised me that when it comes to choosing a conveyancing practitioner that unless they are on their approved list of property lawyers then we will have to pay out an additional charge of about two hundred pounds. This is is due to the fact that they will then have to instruct a property lawyer to act for them as well as the one we select for ourselves and we will be on the hook for their invoice. I have requested the Post Office to provide me with a list so I can obtain quotes only from their approved solicitors but was told they dont have such a list to hand over. Is their an easier way of going about this?
You should ask the Post Office what their criteria for joining their panel is for a conveyancer.Thereafter ask the solicitor of your choice whether they fit that criteria and have they acted on mortgages for the Post Office before. Where the answer to those is yes, then just double check with the Post Office. Alternatively please utilise our search tool and we should be able to find you a lawyer in Woore on the panel for the Post Office.