I am nearing exchange of contracts for my ground floor flat in Cranford and the estate agent has just text me to warn that the buyers are swapping conveyancer. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only work with certain solicitors rather the firm that they want to appoint for their conveyancing in Cranford ?
Mortgage companies 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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud by way of justification 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 being contacted daily by practices 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. The buyers are not going to have any impact on this.
I am under pressure from the executor of a property in Cranford to sign contracts within four weeks. What can I do to quicken up the legal process?
In a situation where the seller is applying pressure to complete it is advisable to make sure that your lawyer is familiar with the location as they will have local contacts and knowledge. It is even conceivable that they could have transacted previoushomes in the same neighbourhood. You would be best advised to use a Cranford conveyancing solicitor. Second, make sure that the lawyer is on the lender panel. It is claimed that 18% of Cranford conveyancing deals are suspended or derailed after discovering a buyer’s conveyancer was not on their banks list of approved solicitors. This can often result in the legal transfer of property being delayed by as much as three weeks. It is said that this issue affects approximately 100,000 home sales every year. Many Cranford conveyancing practices can not represent certain mortgage companies so do check at the outset.
is it true that all Cranford solicitor firms on the Barclays conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Barclays conveyancing panel they would need to be overseen by the SRA. Some mortgage companies do list licenced conveyancers on their panel and in that case the firms would be governed by the Council of Licensed Conveyancers.
I am purchasing a property in Cranford. A rare aspect is that the roof has a solar panel. UBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is UBS your lawyer must follow the conveyancing requirements set out in Part two of UK Finance Lenders’ Handbook for UBS. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and conveyancers are required to report to UBS where a lease fails to comply with these requirements. The specifications relate to the installation of panels on properties nationwide and is not restricted to Cranford.
I am due to exchange contracts on my flat. I had a double glazing fitted in February 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Lloyds are being pedantic. The Cranford solicitor who is on the Lloyds conveyancing panel is saying indemnity insurance will be fine but Lloyds are requiring a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Are there restrictive covenants that are commonly picked up during conveyancing in Cranford?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Cranford. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I opted to have a survey completed on a property in Cranford ahead of instructing solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some lenders may refuse to grant a loan on this type of property.
It varies from the lender to lender. HSBC has different instructions from Nationwide. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Cranford. Conveyancing may be slightly more expensive based on your lender's requirements.
Having had my offer accepted I require leasehold conveyancing in Cranford. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Cranford - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Cranford. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Cranford conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Cranford property is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The unexpired term was 69 years.