I am nearing exchange of contracts for my flat in Worthing and the estate agent has just text me to warn that the purchasers are swapping property lawyer. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. Why would a leading lender only work with certain law firms rather the firm that they want to select for their conveyancing in Worthing ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been stiffened 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. 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. The purchasers are unlikely to have any impact on this.
Please could you vouch for a TSB accepted Worthing conveyancing firm that can complete within a short deadline? Would it be better to use a high street Worthing conveyancer or a nationwide conveyancer?
We would be happy to suggest some excellent Worthing conveyancing firms. Another option is to visit the main road in Worthing. Approach some well established firms and ask to speak with a conveyancing solicitor for a quote. Discuss your deadline together with your reasons and get an assurance on speed. Select the lawyer that you trust.
I used Arc property Solicitors a few years ago for my conveyancing in Worthing. Now, I need my files but the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Worthing of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying my first flat in Worthing with a loan from The Royal Bank of Scotland. The developers would not move on the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not disclose to my solicitor about this side-deal as it could impact my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Can you offer any advice when it comes to appointing a Worthing conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Worthing conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Worthing conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be helpful:
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What volume of lease extensions have they conducted in Worthing in the last 12 months? Can they put you in touch with clients in Worthing who can give a testimonial?
Worthing Leasehold Conveyancing - Examples of Queries Prior to buying
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Are any of leasehold owners in arrears of their service charge payments? Is anyone aware of any major works on the horizon that could add a premium to the service costs? Best to be warned if a new roof is being put on or some other major work is anticipated that will be shared amongst the tenants and could well materially impact the level of the service fees or require a one time payment.
Do I stop the direct debit for my mortgage with Barclays as soon as a completion date for my sale in Worthing has been set?
No, you must keep paying any mortgage payments to Barclays pending the mortgage being repaid on completion as part of your Worthing conveyancing.