We are intending to buy a 3 bedroom flat in Rochester with a mortgage. We have a Rochester lawyer, however the mortgage company says he's not on their "panel". We have to appoint one of the bank panel firms or keep our Rochester conveyancing practitioner as well as pay for one of their panel lawyers to act for them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Rochester conveyancing lawyer to apply to be on the conveyancing panel.
The Rochester conveyancing firm handling our Rochester conveyancing has spotted a difference when comparing the assumptions in the valuation survey and what is in the conveyancing documents. My lawyer informs me that he is obliged to check that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions 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 both parties.
We see that you have a search directory listing firms on the Principality conveyancing panel. Do firms pay you a referral fee if I appoint them for our own conveyancing in Rochester?
We are a listing service only for law firms wishing to communicate if they are on the Principality conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Rochester.
Have just purchased a probate house at auction in Rochester. Conveyancing is necessary. What happens now?
Given that you have now legally committed yourself to purchase you must hire the services of a conveyancing solicitor quickly as you are facing a fast approaching deadline in which to complete the transaction. All auction property will ordinarily have an associated auction set of papers. This will likely include evidence of title and search results. Where you are dealing with leasehold property the auction pack should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You should pass this on to the solicitor working for you at the earliest opportunity. Do make sure that your finances are organised to complete on the on the contractual date .
I am expecting a OIP from Skipton 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 Skipton recommend any Rochester solicitors on the Skipton conveyancing panel, or is it better to go independently?
You will need to appoint Rochester solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
After much negotiation I have agreed a price on an apartment in Rochester. My financial adviser recommended their conveyancers. I paid an on account payment of £175. Soon after, the conveyancing practitioner called me embarrassingly acknowledging that they were not on the RBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the RBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have been advised by a few selling agents in Rochester to get a quote from a conveyancer on your site. What’s the financial inducement for Estate Agents to promote your site over a competitor’s?
We refuse to make any referral fee for pointing buyers and sellers in our direction. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
What advice can you give us when it comes to appointing a Rochester conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Rochester conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Rochester conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
What are the charges for lease extension conveyancing? Can they put you in touch with clients in Rochester who can give a testimonial?
I invested in buying a studio flat in Rochester, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Rochester with over 90 years remaining are worth £265,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2099
With just 76 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.