My partner and I are hoping to purchase a home in Acle and have instructed a Acle conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Barclays have this morning contacted us to inform me that they have now hit a problem as our Acle solicitor is not on their approved list of lawyers. What do we do from here?
Where you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Acle lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our conveyancer has uncovered a defect with the lease for the property we are buying in Acle. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that he must be satisfied that the mortgage company is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
In reading moneysavingexpert.com for an affordable lawyer in Acle, many advise that I should instruct a CQS kitemarked lawyer. Can you explain what CQS is?
Acle Conveyancing Quality Scheme law firms have been granted accreditation under the Law Society's Scheme (CQS) CQS was established to establish evidence of quality standards in the in the legal transfer of properties. CQS enables buyers and sellers to identify practices that provide a quality residential conveyancing. Acle is one of locations in England and Wales in which accredited firms have offices. The scheme requires law firms to undergo a strict assessment, compulsory training, self-reporting, spot checks and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Association of British Insurers.
I used Wolstenholmes several years past for my conveyancing in Acle. Now, I need the files however cannot find the solicitor. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Acle of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am looking for a flat up to £195,000 and found one round the corner in Acle I like with open areas and transport links nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Acle for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.