I am nearing exchange of contracts for my apartment in Prenton and the estate agent has just text me to say that the purchasers are switching solicitor. The reason given is that the mortgage company will only engage with solicitors on their approved list. On what basis would a leading lender only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Prenton ?
Banks have always had an approved set of law firms that can act for them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise in fraud as the reason for the reduction – criteria have been tightened 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 purchasers are unlikely to have any sway in the decision.
Is it the case that all Prenton CQS (Conveyancing Quality Scheme) solicitors are on the Bank of Ireland conveyancing list of approved firms?
It is true that some lenders now make use of the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
My husband and I are spending time looking at flats in Prenton and I am now considering a potential offer. Is it best to have a solicitor on ‘stand by’? I intend to finance via a home loan with Coventry BS.
It would be wise to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. Given that you are seeking a mortgage with Coventry BS, make sure you remember to check that your lawyer is on the Coventry BS conveyancing panel.
The formalities of my purchase has taken place for my property in Prenton. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I'm purchasing my first flat in Prenton with the aid of help to buy. The sellers refused to move on the price so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not to tell my solicitor about this side-deal as it may jeopardize my loan with The Royal Bank of Scotland. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
My husband and I are first time buyers - had an offer accepted, but the property agent informed us that the seller will only move forward if we use their chosen solicitors as they want a ‘quick sale’. We would rather use a high street solicitor accustomed to conveyancing in Prenton
It is unlikely the vendors are driving this. Should the vendor want ‘a quick sale', turning down a motivated buyer is is going to put the whole deal at risk. Speak to the owners direct and make sure they understand (a)you are keen to buy (b)you are ready to progress, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)but you will continue to appoint your preferred Prenton conveyancing firm - not the ones that will give their negotiator at the agency a commission or meet his conveyancing figures set by HQ.
Can you offer any advice when it comes to appointing a Prenton conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Prenton conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you make enquires with several firms including non Prenton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be of use:
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What are the costs for lease extension conveyancing? What volume of lease extensions have they carried out in Prenton in the last year?
I invested in buying a ground floor flat in Prenton, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Prenton with an extended lease are worth £196,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 2089
You have 64 years remaining on your lease the likely cost is going to range between £15,200 and £17,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should 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.
Would local authority consent be required to convert a single dwelling into multiple flats in Prenton? This has been carried out to a property next door to my house in Prenton and was unaware of the conversion until after the works were done.
Planning consent is necessary for converting a single dwelling in Prenton into flats but possibly not for reverting once again to single dwelling-house so, simply put, yes,a it is required.