Am I correct in assuming that the fact that my solicitor in Sandhurst is not identified on my mortgage company's solicitor panel that there is a problem with the quality of the firm’s work?
That would most likely be a wrong assumption to make. There are plenty of plausible explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Sandhurst conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
IfI were to acquire a straightforward homein Sandhurst for cash and have no survey and no conveyancing searches how much could I expect to have to pay for conveyancing in Sandhurst?
The sole saving you would make on is the Sandhurst conveyancing searches. Your property lawyer still got to do everything else - money laundering, correspond with the vendors conveyancer, stamp duty return, register the ownership etc. A marginal saving might be made by not needing to register a charge but it won't be significant.
What does my ID and proof of funds have anything to do with my conveyancing in Sandhurst? What am I being asked for?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Sandhurst. Nowadays you will not be able to complete any conveyancing transaction in the absence providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not sufficient without the other.
Proof of your origin of funds is required in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your lawyer will need to have this information on file. Your Sandhurst conveyancing practitioner will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they may also ask additional questions concerning the origin of funds.
What happens if my solicitor is suspended from the RBS Conveyancing panel ahead of completing my conveyancing in Sandhurst?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Do you have any advice for leasehold conveyancing in Sandhurst with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Sandhurst can be reduced if you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers’ lawyers. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Sandhurst leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Should you dont have the paperwork to hand do not contact the landlord without contacting your conveyancer in advance. Some Sandhurst leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. Many freeholders or Management Companies in Sandhurst charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Sandhurst. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Organising a duplicate share certificate can be a lengthy process and frustrates many a Sandhurst home move. If a new share is required, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
Leasehold Conveyancing in Sandhurst - Sample of Queries before Purchasing
Does the lease have in excess of 82 years left? You should want to discover as much as you can concerning the company managing the block as they will either make your life much easier or much more difficult. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to day to day matters such as the tidiness of the communal areas. Don't be afraid to ask other tenants what they think of them. Finally, be sure you discover the dates that the service charges are due to the managing agents and specifically what it includes. The prefered form of lease arrangement is a share of the freehold. In this scenario the leaseholders benefit from control and notwithstanding that a managing agent is frequently employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.
I recently become aware that one of the directors of the firm handling the purchase conveyancing in Sandhurst is related to the seller. Is this allowed?
Provided there is no conflict of interest this is allowable. If you are needing mortgage finance then the bank may have a say as many lenders have specific instructions concerning this. For example for Chelsea Building Society as of 1/3/2021, the requirements read as follows :
* there is no conflict of interest and none arises during the transaction
* the firm is a partnership
* the conveyancer acting is not the borrower or a member of the borrower's immediate family.