I am one month into the sale of my house in Cheltenham and the estate agent has just called to warn that the buyers are appointing a new conveyancer. The reason given is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Cheltenham ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been tightened 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. 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. The buyers are unlikely to have any impact on this.
Can the conveyancing solicitors that you recommend handle right to buy conveyancing in Cheltenham?
We have identified numerous conveyancing specialists who can conduct right to buy conveyancing Do call the solicitors listed to obtain a costs illustration.
I am assisting my aunt sell her flat in Cheltenham. Does the conveyancing solicitor commission the EPC or should I organise this?
Following the demise of Home Information Packs, EPC’s was left as a mandatory component of selling a house. An energy assessment needs to be commissioned before the property is put on the market. It is not a task that lawyers normally organise. If you are using a Cheltenham conveyancing solicitor they may be able to arrange EPC’s due to their contacts with long established Cheltenham energy assessors
Is there a list of Barclays panel conveyancers in Cheltenham on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of mortgage companies make their panel listings viewable on the web. If you are in need of a Cheltenham conveyancer on the Barclays please make the most of our facility.
I was told two weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in Cheltenham is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Cheltenham I like with open areas and station nearby, the downside is that it only has 49 remaining years left on the lease. There is not much else in Cheltenham suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
My father has suggested that I use his lawyers for conveyancing in Cheltenham. Do I take his advice?
Much as we are happy to recommend a Cheltenham conveyancing lawyer the best way to choose a conveyancing lawyer is to seek recommendations from friends or family who have experience in using the firm that you are contemplating using.
Our solicitor in Cheltenham has discovered a a legal deficiency with the lease for the property we are purchasing in Cheltenham. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.