Am I correct in assuming that the fact that my conveyancer in St Albans is not listed on my bank's conveyancing panel that there is a problem with the quality of the firm’s work?
That would most likely be an incorrect assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (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. Should you be concerned you should contact the St Albans conveyancing practice and enquire why they are no longer on the approved list for your lender.
The deeds to my property are lost. The solicitors who did the conveyancing in St Albans 10 years ago are no longer around. Will I be able to sell the house?
Gone are the days when you need to have the physical deeds to prove you are the owner of your registered land or property, as the Land Registry have everything they need in a digital format.
I'm buying my first flat in St Albans with a loan from Chelsea Building Society. The sellers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not reveal to my solicitor about the deal as it may adversely affect my mortgage with the bank. Should I keep quiet?.
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.
Due to the guidance of my in-laws I had a survey completed on a house in St Albans before retaining solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some banks tend not give a mortgage on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in St Albans. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a sole trader planning to take an assignment of a lease of an office on the high street. Can you recommend conveyancers offering no-sale-no costs for commercial conveyancing in St Albans for under £1,200?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in St Albans, including the disposal and acquisition of businesses as well as simply premises. If you are hoping to acquire or sell a shop, pub, restaurant, office, retail premises or a complete business we can put you in touch with the right firm. Regarding the costs this will depend on the structure and nuances of the proposed transaction. Let us have your contact information or telephone us so that we may furnish you with comprehensive commercial conveyancing quote.
My step-son is embarking on her first house purchase, the home loan was agreed last week in principle. When the offer was accepted on flat we contacted the building society to go forward with his. I was very surprised to learn that mortgage lenders do not accept all solicitor, they need to be on their approved list, is this legal?
Banks tend to imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any St Albans conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.