I am in the process of selling my house in Banstead and the EA has just telephoned to say that the purchasers are swapping law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a big named mortgage company only deal with specific law firms rather the firm that they want to choose for their conveyancing in Banstead ?
Lenders have always had panels of law firms they are content to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders justify this action to a rise in fraud by way of justification for the reduction – criteria have been tightened 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 claims that it is being contacted daily by practices 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. Your purchasers are unlikely to have any impact on this.
I require conveyancing for a flat in a relatively new development (five years built) in Banstead. 95% of the flats are already sold. Is it strictly necessary to order conveyancing searches as part of conveyancing in Banstead?
A big part of the Banstead conveyancing process is the conveyancing searches. There are a large number of search providers delivering Banstead conveyancing searches, as well straight from the local authority. These are usually referred to as personal search companies due to them carrying out, personal searches. Nevertheless, all Local Authority Search conveyancing products have one thing in common - they must obtain their data from the local authoritative source.
When researching mumsnet.com for a recommended lawyer in Banstead, many advise that I should instruct a CQS accredited solicitor. What is CQS?
Banstead Conveyancing Quality Scheme practices have achieved certification by the law Society The Law Society created CQS to establish evidence of quality standards in the home legal process. CQS enables house movers to recognise practices who provide a quality residential conveyancing. Banstead is one of locations in England and Wales in which CQS have offices. The scheme requires practices to undergo a strict assessment, compulsory training, self-reporting, random audits and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Legal Ombudsman.
If you had a top tip for selecting a conveyancing solicitor in Banstead what would it be?
We would encourage you not to go for the cheapest Banstead conveyancing fees. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
My bid for a property was accepted at auction in Banstead. Conveyancing is required. What happens now?
Having exchanged you will need to instruct a conveyancing lawyer as a matter of priority as you are faced with a fast approaching a drop dead date to complete the conveyancing. All auction property will ordinarily have an associated auction set of papers. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You need to hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that your finances are in place to complete on the on the contractual date .
I am buying a property in Banstead. An unusual aspect is that the roof has a solar panel. Skipton have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Skipton your lawyer must check the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Skipton. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and lawyers are required to report to Skipton where a lease does not meet these conditions. The provisions relate to the installation of panels on properties nationwide and is not isolated to Banstead.
I am looking for a leasehold apartment up to £195,000 and identified one round the corner in Banstead I like with amenity areas and station nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Banstead suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the shortness of the lease will likely be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
What is the reason for new build conveyancing in Banstead being more expensive?
Conveyancing in Banstead for recently converted or new build homes often involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further investigations and contractual considerations.