We are purchasing a 3 bedroom flat in The Ridgeway with a mortgage. We like our The Ridgeway solicitor, however the mortgage company advise he's not on their "panel". We have to appoint one of the bank panel solicitors or retain our The Ridgeway conveyancing practitioner and pay for one of their panel lawyers to represent them. This feels very unfair; can we not demand that the bank use our The Ridgeway lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 The Ridgeway conveyancing lawyer to apply to be on the conveyancing panel.
My partner and I are acquiring a newly built duplex in The Ridgeway and my lawyer is telling me that she is duty bound to the mortgage company to reveal incentives from the developer. I am on a tight deadline to sign contracts and my preference is not to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
In looking at online forums for a high-quality lawyer in The Ridgeway, many comment that I should instruct a CQS accredited lawyer. What is CQS?
The Ridgeway Conveyancing Quality Scheme practices have achieved certification under the Law Society's Scheme (CQS) CQS was established to establish evidence of quality standards in the home legal process. CQS enables house movers to identify practices who provide a quality residential conveyancing. The Ridgeway is one of locations in England and Wales in which CQS are located. The scheme requires solicitors to undergo a strict assessment, compulsory training, self-certification, spot checks and annual reviews in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Association of British Insurers.
I have been advised by my conveyancer that defective lease insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in The Ridgeway?
The right level of defective lease indemnity insurance depends on your lender. It would differ for example between Barclays and Norwich and Peterborough Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
I'm the only recipient of my late mum's will with all property in now in my sole name, including the my former home in The Ridgeway. Conveyancing formalities meant that the Land Registry date was in November. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership could be considered the same way as though I had purchased the property in November. Is the property unsalable for six months?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. Some lenders would take a practical view as this provision is principally there to identify the purchase and immediately sell or the quick reselling of properties.
is it true that all The Ridgeway solicitor practices on the TSB conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the TSB approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel and in such a situation the firms would be overseen by the CLC.
About to purchase a new build apartment in The Ridgeway. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in The Ridgeway
Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I need to instruct a conveyancing practitioner in The Ridgeway for my house move. Is it possible to check a firm’s complaints history with the legal regulator?
One can read documented Solicitor Regulator Association (SRA) determinations resulting from inquisitions commenced on or after 1 January 2008. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The SRA could monitor telephone calls for training purposes.