I am selling my home in Forest of Dean and the estate agent has just telephoned to advise that the buyers are swapping conveyancer. The excuse is that the bank will only work with property lawyers on their approved list. Why would a leading lender only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Forest of Dean ?
UK lenders have always had panels of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. 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 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 unlikely to have any sway in the decision.
Finally the sale completed on my house in Forest of Dean last November but the buyer keeps e-mailing every few hours complaining that their conveyancer is waiting to hear from mysolicitor. What should my lawyer have done following completion?
Following your house sale your conveyancer is committed to forward the transfer documentation and all supplemental paperwork to the buyer’s conveyancer. Depending on the transaction, your lawyer must also evidence that the home loan has been repaid to the buyers solicitors. There are no post completion procedures specific conveyancing in Forest of Dean.
Having invested time scouring mumsnet.com for a high-quality solicitor in Forest of Dean, many comment that I should instruct a CQS accredited lawyer. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with best practice conveyancing processes through the scheme protocol It covers many firms who perform conveyancing in Forest of Dean.
The deeds to my home can not be found. The conveyancers who conducted the conveyancing in Forest of Dean 4 years ago are no longer around. Will I be able to sell the house?
Assuming the title is registered the information relating to your proprietorship will be evidenced by the Land Registry under a Title Number. It is easy to perform a search at the Land Registry, locate your property and get current copies of the property title for a small fee. Where the property is Leasehold then the Land Registry will in most cases retain a file copy of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
I'm purchasing a new build house in Forest of Dean with a mortgage from Yorkshire Building Society. The sellers refused to move on the amount so I negotiated £7000 of extras instead. The estate agent suggested that I not reveal to my lawyer about this deal as it may put at risk my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What advice can you give us when it comes to finding a Forest of Dean conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Forest of Dean conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Forest of Dean conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
What are the legal fees for lease extension work? If they are not ALEP accredited then why not?
I own a 2 bed flat in Forest of Dean, conveyancing having been completed 10 years ago. How much will my lease extension cost? Equivalent flats in Forest of Dean with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2085
With just 65 years unexpired the likely cost is going to span between £13,300 and £15,400 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.