I am selling my ground floor flat in Caversham and the EA has just text me to warn that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. Why would a big named lender only engage with certain law firms rather the firm that they want to select for their conveyancing in Caversham ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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 buyers are not going to have any impact on this.
Our Caversham solicitor has uncovered a discrepancy between the surveyor’s assumptions in the home valuation survey and what is revealed within the legal papers for the property. My solicitor says that he is obliged to check that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My flat in Caversham is up for sale and I have a purchaser. Will my conveyancer need to be on the Yorkshire BS conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Yorkshire BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
A friend advised me that in purchasing a property in Caversham there may be various restrictions prohibiting external alterations to a property. Is this right?
We are aware of anumerous of properties in Caversham which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Caversham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Caversham building society branch on numerous occasions and was told it wasn't a problem and they will lend. My Caversham conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend in accordance with their specific requirements. Who do I believe?
As long as the conveyancer is on the mortgage company panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I recently had an offer accepted on an apartment in Caversham. My financial adviser suggested a solicitor. I paid an on account payment of £200. A couple of days later, the solicitor called me to say that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am a sole trader looking to take over a lease of an office on a shopping parade. Can you recommend conveyancers offering competitive costs for non-domestic conveyancing in Caversham for below 1500k?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Caversham, including the sale and purchase of businesses as well as simply property. Whether you are hoping to acquire or dispose of a shop, pub, restaurant, office, retail unit or a whole business we can find you the right solicitor. As for the costs this will depend on the structure and complexity of the proposed transaction. Let us have your contact information or email so as to enable us to provide you with a fixed commercial conveyancing quote.
I am using a search engine for the term conveyancing in Caversham it shows results of many property lawyerslocally. With so much choice what is the best way to find the suitable property lawyer for me?
The preferential way of seeking a suitable conveyancer is via personal recommendation, so enquire of colleagues and relatives who have purchased a property in Caversham or the local estate agent or mortgage broker. Charges for conveyancing in Caversham vary, so it's sensible to obtain at least three quotes from different property lawyers. Be sure to seek confirmation what costs in the quote includes.