I am selling my home in Bromyard and the estate agent has just text me to advise that the purchasers are switching property lawyer. The reason given is that the lender will only engage with solicitors on their conveyancing panel. Why would a leading lender only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Bromyard ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions justify this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal 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. Plenty of firms 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 unlikely to have any sway in the decision.
Is there a list of Barclays panel conveyancers in Bromyard on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lending institutions make their panel listings open the public online. If you are in need of a Bromyard conveyancing practitioner on the Barclays please use our facility.
We previously appointed conveyancers located in Bromyard on the Virgin Money solicitor approved list. They are now charging me a further fee for the legal aspects of the Virgin Money mortgage. Is this an additional conveyancing fee set by Virgin Money?
Provided it is contained in their Terms of Engagement or Quote then yes your property lawyer is entitled to charge a fee for this. The charge is not set by Virgin Money but by your Bromyard conveyancer. Plenty of firms on the Virgin Money panel will levy an ‘acting for lender’ fee and others do not.
I can not fathom if my lender requires a lease extension. I have called my Bromyard bank branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Bromyard conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend in accordance with their published requirements. I simply don't know who is right.
The conveyancing practitioner has to comply with the CML Handbook section two provisions for your lender. 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.
About to purchase a new build apartment in Bromyard. Conveyancing is necessary evil 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.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Bromyard
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I need to instruct a conveyancing solicitor in Bromyard for my sale. Is there any facility to see a firm’s complaints history with the profession’s regulator?
Anyone may read presented Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Go to Check a solicitor's record. To find records about the period before 1 January 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training requirements.
I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Bromyard. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Bromyard ?
The majority of houses in Bromyard are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Bromyard so you should seriously consider looking for a Bromyard conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.