I am nearing exchange of contracts for my maisonette in Old Swan and the estate agent has just telephoned to warn that the buyers are changing their solicitor. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. Why would a big named mortgage company only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Old Swan ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. 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 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. Your purchasers are unlikely to have any sway in the decision.
What does my ID and proof of funds have anything to do with my conveyancing in Old Swan? Is this really warranted?
Old Swan conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under money laundering regulations to verify the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill less than 3 months old).
Confirmation of the origin of monies is also necessary under the money laundering regulations as solicitors are duty bound to ensure that the funds you are using to buy a property (whether it be the deposit for exchange or the total purchase monies if you are a cash purchaser) has come from legitimate source (such as employment savings) and is not the product of illegitimate activity.
I had intended to instruct a property lawyer in Old Swan for our home move. Our broker has since advised us that our mortgage lenders Clydesdale won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most banks had an appetite for risk which was higher than today. Almost all Old Swan conveyancing firms would have been on most mortgage company panels. The FSA in 2010 conducted a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms relating to their operations and their employees and set certain criteria such a completing on a minimum volume of conveyancing. Many Old Swan conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Old Swan is amongst the many areas where the conveyancers we list are are authorised to act for Clydesdale.
I need to find a conveyancing solicitor for my conveyancing in Old Swan. I have discover a web site which looks to be the perfect solution If it is possible to get all this stuff done via phone that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Can you offer any advice when it comes to finding a Old Swan conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Old Swan conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Old Swan conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be helpful:
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Can they put you in touch with clients in Old Swan who can give a testimonial?
I am the registered owner of a split level flat in Old Swan, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Old Swan with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2093
With 67 years left to run we estimate the price of your lease extension to span between £10,500 and £12,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
I am buying a ground floor maisonette in Old Swan. Conveyancing solicitor is awaiting, from the owner, building insurance paperwork. This afternoon I was informed that the vendor needs to send the insurance schedule for the flat above as well. Why would my solicitor want to review the insurance for the other flat? Is it strictly necessary? We have been stalled for the last month…
It is not impossible in leasehold conveyancing in Old Swan to find Conveyancing in Old Swan in a minority of cases reveals that the lease obliges the leasehold owners to insure their individual flats rather than the landlord insuring the whole premises - which is clearly better. You should check with your conveyancing practitioner but it would appear that your conveyancing practitioner is looking to verify that the whole building is insured. Insuring a ground floor apartment is no help when it comes to rebuilding after a fire if the other flat cannot be reinstated for lack of insurance cover.