I am in the process of selling my maisonette in Norwich and the EA has just text me to warn that the purchasers are swapping solicitor. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. On what basis would a big named lender only engage with specific law firms rather the firm that they want to select for their conveyancing in Norwich ?
UK lenders have always had an approved set of law firms that can act for them, but in the last 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 more than 25 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal 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 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 purchasers are unlikely to have any sway in the decision.
Our Norwich solicitor has uncovered a discrepancy between the surveyor’s assumptions in the home valuation survey and what is in the legal papers for the property. My lawyer has advised that he must ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
We note that you have a post code search directory listing law firms on the Leeds Building Society conveyancing panel. Do companies pay you a referral fee if I appoint them for our own conveyancing in Norwich?
We are a listing service only for law firms wishing to communicate if they are on the Leeds Building Society conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Norwich.
The estate agent has sent us the confirmation of our purchase of a new build flat in Norwich. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Norwich
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are surveyor prepared. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
Taking into account that I will soon spend £400,000 on a house in Norwich I wish to have a conversation with the lawyer about myhome move prior to giving the go ahead to the firm. Is this something that you can arrange?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you first talking to the conveyancer due to be carrying out your property ownership legalities in Norwich.There is no ‘factory style conveyancing’ - every client is unique person, not a file reference. The practices that we put you in touch with believe that the fees you are provided with for residential conveyancing in Norwich should be the amount on the final invoice that you end up paying.
What advice can you give us when it comes to finding a Norwich conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Norwich conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Norwich conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be helpful:
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What are the legal fees for lease extension work? If the firm is not ALEP accredited then why not?
Norwich Leasehold Conveyancing - Sample of Queries Prior to Purchasing
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Make sure you enquire if there is anything that is prohibited in the lease. For example it is fairly common in Norwich leases that pets are not permitted in in a block in Norwich. If you like the flatin Norwich yet your dog can’t move with you then you have a very hard decision. You should be aware if it is fewer than eighty years it will affect the value of the property. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. For most Norwichlease extensions you would be required to have owned the premises for two years before you are legally able to exercise a lease extension. Does the lease include onerous restrictions?