We are purchasing a 1 bedroom flat in Cirencester with a mortgage. We like our Cirencester lawyer, but the lender advise he's not on their "panel". It seems we have no choice but to use one of the bank panel firms or keep our Cirencester lawyer and pay for one of their panel lawyers to act for them. We regard this is unjust; can we not insist that the bank use our Cirencester conveyancer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Cirencester conveyancing solicitor to apply to be on the conveyancing panel.
My wife and I are nearing an exchange on a property in Cirencester and my mum and dad have transferred the exchange deposit to my conveyancing practitioner. I am now informed that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your solicitor is obliged to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Cirencester? What am I being asked for?
To satisfy the Money Laundering Regulations any Cirencester conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility bill showing where you reside.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to ascertain not just the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this will result in your solicitor terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the appropriate authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Is it the case that all Cirencester CQS (Conveyancing Quality Scheme) solicitors are on the Principality conveyancing list of approved solicitors?
It is true that some lenders now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however is 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 join their approved list of conveyancing solicitors.
We had selected conveyancing lawyers located in Cirencester on the TSB solicitor panel. They have just invoiced me a supplemental sum for the legal aspects of the TSB mortgage. Is this a supplemental conveyancing fee set by TSB?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your property lawyer can charge a fee for this. This fee is not set by TSB but by your Cirencester conveyancer. Some firms on the TSB panel will levy an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I have paid off my mortgage with Leeds Building Society. I assume I don't need a Cirencester property lawyer on the Leeds Building Society panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
Can you provide any top tips for leasehold conveyancing in Cirencester with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Cirencester can be bypassed where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers’ solicitors. If you have had conflict with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unsettled. You believe that you know the number of years left on your lease but it would be wise to double-check by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Cirencester leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Where you fail to have the consents in place do not communicate with the landlord without contacting your lawyer in advance. The majority of freeholders or managing agents in Cirencester charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Cirencester.
I own a split level flat in Cirencester, conveyancing having been completed 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Cirencester with an extended lease are worth £211,000. The ground rent is £50 per annum. The lease ends on 21st October 2092
With 68 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
Been reading online that Cirencester solicitors are more expensive than licensed conveyancers in Cirencester to use when buying a house. Am I better off using a conveyancer or a solicitor if I am purchasing a house in Cirencester.
When it comes to conveyancing in Cirencester the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.