I am not in a position to travel far from Cobham. What is the rationale as to why all Cobham conveyancing practitioners are not on all bank panels?
Before the recession most lenders had an attitude to risk which differs from the current day. The financial regulator in 2010 conducted a thematic review into fraud which concluded: know the conveyancers on your panel. As a result, lenders have since requiredmore data from law firms about their processes and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Thousands of firms have been excluded from lender panels even though they had 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the criteria of amount of transactions the mortgage companies set.
We intend to purchase a 1 bedroom apartment in Cobham with a homeloan from National Westminster Bank.We use our Cobham conveyancing solicitor but National Westminster Bank advised that his firm is not on their approved list of member firms. We have to appoint a National Westminster Bank panel lawyer or retain our local solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan offered to you contains terms and conditions, one of which will be that lawyers needs to be on the National Westminster Bank solicitor panel. in the past, most banks had large numbers of solicitors 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 lawyer to apply to be on the conveyancing panel for National Westminster Bank
I am buying a new build flat in Cobham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Cobham
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I decided to have a survey carried out on a house in Cobham in advance of retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies may not issue a loan on a flying freehold house.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cobham. Conveyancing will be smoother if you use a solicitor in Cobham especially if they regularly deal with such properties in Cobham.
Given that I will soon part with 450k on a two bedroom apartment in Cobham I would like to have a conversation with the conveyancer concerning thehome move prior to appointing the firm. Is this something that you can arrange?
Absolutely - we would be delighted to talk to you we do not take any clients on without you liaising with the lawyer who will be doing your conveyancing in Cobham.There is no ‘factory style conveyancing’ - each client is unique person, not a file reference. The practices that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Cobham should be the amount on the final invoice that you are charged.
Am I better off to appoint a Cobham conveyancing practitioner in close proximity to the house I am buying? We have a good friend who can execute the conveyancing but his firm is located a couple of hundredkilometers away.
The primary upside of using a high street Cobham conveyancing firm is that you can pop in to sign paperwork, hand in your identification documents and pester them where appropriate. They will also have local insight which is a plus. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and they were happy that should trump using an unknown Cobham conveyancing solicitor solely due to them being based in the area.