I am progressing with the sale of my maisonette in Lound and the estate agent has just called to say that the buyers are changing their property lawyer. The excuse is that the bank will only engage with solicitors on their approved list. On what basis would a leading lender only engage with certain solicitors rather the firm that they want to select to handle their conveyancing in Lound ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks attribute this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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 buyers are unlikely to have any sway in the decision.
My son is purchasing a new build apartment in Lound with a home loan from Leeds Building Society. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are buying a property and require a conveyancing solicitor in Lound who is on the Lloyds solicitor panel. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Lloyds . We don't recommend any particular firms conducting conveyancing in Lound.
I am purchasing a property in Lound. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Leeds Building Society be concerned?
As you are obtaining a mortgage with Leeds Building Society your lawyer must check the formal requirements contained in Section 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The CML Handbook sets out minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Leeds Building Society where a lease does not comply with these conditions. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Lound.
We were going to get a OIP from Bank of Ireland 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 Bank of Ireland recommend any Lound solicitors on the Bank of Ireland conveyancing panel, or is it better to go independently?
You will need to appoint Lound solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
Planning on purchasing a apartment in Lound. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lound solicitor is on the Skipton conveyancing panel.
I am looking for a ground for flat up to £235,500 and identified one near me in Lound I like with a park and railway links in the vicinity, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Lound in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could 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 matter.
What could I expect to pay for conveyancing in Lound?
The total sum charged for conveyancing in Lound can differ dramatically from firm to firm. In the circumstances it all the more necessary for you to have a complete summary of charges before you instruct a conveyancer. You should also consider asking a couple like for like quotes.