I am in the process of selling my home in Castle Donington and the estate agent has just text me to advise that the buyers are switching property lawyer. The excuse is that the bank will only work with solicitors on their approved list. Why would a leading lender only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Castle Donington ?
Lenders have always had panels of law firms that can represent 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 worked with them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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. Your purchasers are not going to have any impact on this.
Having invested time reading consumer advice sites for a recommended lawyer in Castle Donington, many comment that I should instruct a CQS assured solicitor. What is CQS?
Castle Donington Conveyancing Quality Scheme practices have been granted certification under the Law Society's Scheme (CQS) The Law Society created CQS to establish evidence of quality standards in the in the legal transfer of properties. CQS helps house movers to recognise solicitor firms who provide a quality residential conveyancing. Castle Donington is one of locations in England and Wales in which CQS have a presence. The conveyancing scheme requires solicitors to undergo a strict assessment, compulsory training, self-reporting, random audits and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Council of Mortgage Lenders.
I have justbeen informed that Stirling Law have closed. They carried out my conveyancing in Castle Donington for a purchase of a leasehold apartment 10 months ago. How can I check that my home is in my name in the name of the previous owner?
The easiest way to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Castle Donington conveyancing specialists.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one close by in Castle Donington I like with amenity areas and transport links in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Castle Donington in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I'm converting the mortgage on my existing house to a BTL mortgage with Virgin Money and intend to use the remaining equity as a deposit on further property. The location we are interested in is Castle Donington. Will your conveyancers be able to act for the two mortgage companies and tie in the two deals?
Do use our comparison tool on this page to ensure that the lawyers are approved by both mortgage companies. On the basis that they are your solicitor should be able to tie up the two deals but you should have a chat with you conveyancer and make clear your expectations and needs.