I am in the process of selling my house in Shepshed and the estate agent has just text me to say that the buyers are switching property lawyer. I am told that this is due to the fact that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a leading lender only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Shepshed ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lending institutions justify this action to a rise in fraud by way of justification for the cull – criteria have been stiffened 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 says it is hearing daily from firms that have been removed from panels. Some 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. The purchasers are not going to have any impact on this.
Our son is buying a house that has just been built in Shepshed with a mortgage from Co-operative. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We see that you have a post code search directory listing law firms on the Bank of Ireland conveyancing panel. Do firms pay you a commission if I appoint them for our conveyancing in Shepshed?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Shepshed.
When it comes to mortgage companies such as Lloyds, do Shepshed conveyancing practitioners have to pay a fee to be on the conveyancing panel?
We are unaware of any bank fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
It is not clear whether my bank requires a lease extension. I have telephoned my Shepshed building society branch on various occasions and was advised it wasn't a problem and they would lend. My Shepshed conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. I have no idea who is right.
As long as the solicitor is on the bank panel, they must adhere to the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am selling my apartment. I had a double glazing fitted in December 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Santander are being difficult. The Shepshed solicitor who is on the Santander conveyancing panel is saying indemnity insurance will be fine but Santander are insisting on a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
What can a local search tell me concerning the property my wife and I buying in Shepshed?
Shepshed conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Searches UK The local search is essential in every Shepshed conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your new home. The search should reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
Due to exchange soon on a basement flat in Shepshed. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Shepshed should include some of the following:
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You should know if the lease permits you to add or improve anything in the property- you must be made aware as to whether it applies to all alterations or just structural alteration, and whether licences for alterations is required You would want to receive a copy of the lease Ground rent - what is due and what the invoice dates are, and also know whether this will change in the future You must be told what is to be regarded as a Nuisance in the lease The total extent of the demise. This will be the apartment itself but could also include a roof space or cellar if relevant.
I acquired a 1st floor flat in Shepshed, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Shepshed with a long lease are worth £186,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2075
With just 53 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.