I am one month into the sale of my ground floor flat in Hamworthy and the estate agent has just text me to say that the buyers are changing their property lawyer. The excuse is that the mortgage company will only deal with solicitors on their approved list. On what basis would a big named lender only engage with certain law firms rather the firm that they want to select to handle their conveyancing in Hamworthy ?
Banks have always had an approved set of law firms they are willing to work with, but in recent 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 many years.
Banks blame a rise in fraud by way of justification for the reduction – criteria have been stiffened 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 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.
Please could you vouch for a Accord Mortgages Ltd accepted Hamworthy conveyancing firm who can have us moved in within a very limited time frame? Am I best advised to go for a high street Hamworthy firm or a national comparison site?
We would be happy to suggest some excellent Hamworthy conveyancing firms. You can also walk up the main road in Hamworthy. Visit some well established law practices and ask to see a conveyancing solicitor for a fee estimate. Mention your time frames together with the reasons and get a commitment on speed. Choose the one that appears most efficient.
I am expecting a DIP from Coventry BS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Coventry BS recommend any Hamworthy solicitors on the Coventry BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Hamworthy solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
I was told two weeks ago that my mortgage has been agreed to by RBS. Is it usual for RBS to only issue the offer once my solicitor in Hamworthy is approved on their conveyancing panel? RBS have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for RBS to deal with your lawyer's application to be on the RBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
After shopping around on the internet I have found a Hamworthy property lawyer having checked that they are on the TSB conveyancing panel. Does my lawyer arrange the survey of the property?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Hamworthy surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Do I need to be concerned by brokers that I am dealing with are encouraging me to use a nationwide conveyancing firm rather than a local Hamworthy conveyancing firm?
As with many professional services, often input from connections can be worth their weight in gold. Yet there are many people with a vested interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may put forward solicitors to select. Sometimes the lawyers might be known to one of the organisations as being good in their field, but occasionally there exists a financial incentive behind the recommendation. You have the discretion to appoint your preferred lawyer. Don't forget that many mortgage providers specify a panel list of conveyancers you are obliged to use for the mortgage related work in your transaction.
Looking forward to sign contracts shortly on a leasehold property in Hamworthy. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Hamworthy should include some of the following:
Details of the parties to the lease, for instance these could be the tennant, head lessor, landlord Additions to the premises Setting out your legal entitlements in respect of the communal areas in the block.E.G., does the lease permit a right of way over a path or hallways? How long the lease is. You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark if lease caters for for a sinking account for major repairs?
I inherited a 2 bed flat in Hamworthy, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Hamworthy with over 90 years remaining are worth £216,000. The ground rent is £50 levied per year. The lease runs out on 21st October 2091
With 68 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the lender solicitor panel.