I am in the process of selling my flat in Norris Green and the EA has just text me to say that the buyers are appointing a new law firm. The reason given is that the lender will only engage with solicitors on their approved list. Why would a leading lender only deal with certain solicitors rather the firm that they want to select to handle their conveyancing in Norris Green ?
UK lenders have always had panels of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions attribute this action to a rise in fraud as the reason for the cull – criteria have been stiffened 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 hearing daily from firms that have been removed from panels. Plenty of firms 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.
I am need of leasehold conveyancing for a flat in a relatively new development (6 years old) in Norris Green. 95% of the properties are already disposed of. Is it strictly necessary to order neighbourhood searches for my conveyancing in Norris Green?
Conveyancing Searches are a vital link in the Norris Green conveyancing process. There are a large number of search providers delivering Norris Green conveyancing searches, as well straight from the local authority. These are generally termed personal search companies and they produce, not surprisingly, personal searches. Nevertheless, all Local Authority Search conveyancing products have one thing in common - they must secure their data from the local authoritative source.
Why is leasehold purchase conveyancing in Norris Green costs more?
Norris Green leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Do the Building Society Association intend to launch a searchable register to list practices on the Melton Mowbray Building Society conveyancing panel for example in Norris Green?
We are not aware of any plans on the part of the BSA to develop such a register.
My lawyer has informed me that lack of planning permission insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Norris Green?
The right level of lack of planning permission indemnity insurance should be dictated by who your lender. It would differ for example between Santander and Barnsley Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
Is it the case that all Norris Green solicitor practices on the UBS conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the UBS approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel in which case such practice would be overseen by the CLC.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Norris Green building society branch on numerous occasions and was reassured it wasn't an issue and they would lend. My Norris Green conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. Who do I believe?
The conveyancing practitioner has to follow the Council of Mortgage Lenders’ Handbook section two conditions for your lender. 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 remaining.
What are your top tips when it comes to appointing a Norris Green conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Norris Green conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with several firms including non Norris Green 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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If the firm is not ALEP accredited then why not? Can they put you in touch with clients in Norris Green who can give a testimonial?
Norris Green Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
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What is the yearly maintenance fee and ground rent? Where a Norris Green lease has less than 80 years it will have adverse implications on the value of the apartment. It is worth checking with your bank that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of what this would cost. For most Norris Greenlease extensions you will need to own the property for 24 months before you are legally able to extend the lease. How many years are left on the lease?