I am in the process of selling my maisonette in Silverton and the EA has just called to warn that the buyers are swapping solicitor. The reason given is that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a leading lender only engage with certain lawyers rather the firm that they want to select to handle their conveyancing in Silverton ?
UK lenders have always had panels of law firms that can act for 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 acted for them for decades.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been narrowed 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 claims that 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. Your buyers are unlikely to have any sway in the decision.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Silverton?
There are many recorded licenced Conveyancers in Silverton and Solicitor firms in Silverton to choose from It is important to make clear that the two are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. The two can handle other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Are all Silverton Conveyancing Quality Solicitors on the Barclays conveyancing list of approved solicitors?
It is true that some lenders now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
When it comes to lenders such as TSB, do Silverton solicitors have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
How does conveyancing in Silverton differ for newly converted properties?
Most buyers of new build property in Silverton approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Silverton tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Silverton or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Silverton I like with a park and transport links in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in Silverton in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the remaining unexpired lease term will be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I am looking at a couple of maisonettes in Silverton both have in the region of forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorates and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area.
Silverton Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
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It is important to be aware whether changing the roof or some other major work is due in the foreseeable future that will be shared between the tenants and will materially increase the the service fees or require a one off invoice. It would be prudent to investigate if there are any onerous prohibitions in the lease. For example some leases prohibit pets being permitted in in a block in Silverton. If you love the flatin Silverton but your dog can’t live with you then you will be presented with a difficult choice. Does the lease have onerous restrictions?
Are Silverton conveyancing solicitors under an obligation to the Law Society to supply clear conveyancing figures?
Contained within the Solicitors Code of Conduct are specific rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, constitute the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Silverton or or elsewhere in the country.