I am in the process of selling my maisonette in Acle and the EA has just called to advise that the purchasers are swapping conveyancer. I am told that this is due to the fact that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Acle ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. 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 do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
The Acle conveyancing solicitors that I recently instructed on my house acquisition in Acle have suddenly shut down. I chose them because I had to have a solicitor on the Nottingham conveyancing panel and my preferred Acle lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nottingham conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
We previously appointed conveyancers locally in Acle on the Skipton solicitor approved list. They have just billed me an additional charge for handling the Skipton mortgage. Is this an additional conveyancing fee specified by Skipton?
Provided it is contained in their Terms of Engagement or estimate then yes your conveyancer can charge a fee for this. The charge is not set by Skipton but by your Acle solicitor. Numerous firms on the Skipton panel will levy an ‘acting for lender’ fee and others do not.
I have paid off my mortgage with TSB. I assume I don't need a Acle property lawyer on the TSB panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your TSB 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 TSB mortgage from the register. TSB, 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 TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
I've read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Acle solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Acle postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in Acle.
We are purchasing a property and the lawyer has referenced Chancel Repair to which the property could be obligated to pay as it falls into the area of such a church. He has mentioned insurance. Is this really appropriate for conveyancing in Acle
Unless a previous purchase of the premises took place post 12 October 2013 you can expect solicitors delivering conveyancing in Acle to continue to recommend a chancel search and or insurance against a claim.
I am buying a new build apartment in Acle. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Acle
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I have been on the look out for a flat up to £235,500 and identified one close by in Acle I like with amenity areas and railway links nearby, however it's only got 52 years unexpired on the lease. There is not much else in Acle suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage the shortness of the lease will likely be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.