I am six weeks into the sale of my house in Cotswolds and the estate agent has just telephoned to say that the buyers are swapping conveyancer. The excuse is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a major lender only engage with specific solicitors rather the firm that they want to select for their conveyancing in Cotswolds ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. 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. Plenty of firms 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 purchasers are not going to have any sway in the decision.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel solicitor as I would prefer to use a Cotswolds based conveyancing firm?
You should check but the chances are that appoint one of their panel conveyancers if you take up the "fee-free" deal. Call the bank and ask if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Cotswolds.
I have been on the look out for a ground for flat up to £195,000 and found one close by in Cotswolds I like with amenity areas and railway links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Cotswolds suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I am a sole trader hoping to take over a lease of a shop on the high street. Can you recommend lawyers offering no-sale-no fees for commercial conveyancing in Cotswolds for less than £2000?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Cotswolds, including the sale and purchase of businesses as well as simply premises. If you are hoping to acquire or lease a shop, pub, restaurant, office, retail premises or a whole business we can put you in touch with the right firm. Regarding the fees this will depend on the structure and heads of terms of the proposed transaction. Please provide us with your contact information or call us so that we can supply you with a detailed commercial conveyancing calculation.
In my capacity as executor for the estate of my grandfather I am disposing of a house in Swansea but I am based in Cotswolds. My conveyancer (who is 260 kilometers from meneeds me to sign a stat dec ahead of completion. Could you suggest a conveyancing practitioner in Cotswolds to witness this legal document for me?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are located in Cotswolds
I am just shy of a 10% deposit on my apartment purchase in Cotswolds , but I still want to proceed. What can I do?
One option is to try and accept a lower deposit. Most sellers will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute