I am progressing with the sale of my ground floor flat in East Barming and the estate agent has just telephoned to warn that the buyers are switching property lawyer. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. On what basis would a major lender only work with certain law firms rather the firm that they want to choose for their conveyancing in East Barming ?
Banks have always had panels of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies justify this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some 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 buyers are not going to have any impact on this.
When it comes to mortgage companies such as Yorkshire BS, do East Barming solicitors face a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
is it true that all East Barming conveyancing solicitors on the Co-operative conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Co-operative conveyancing panel they would need to be regulated by the SRA. The majority of banks do allow licenced conveyancers on their panel and in that case the organisation would be overseen by the Council of Licensed Conveyancers.
After months of negotiation I have agreed a price on an apartment in East Barming. My financial adviser suggested a conveyancer. I paid an advanced payment of £200. Soon after, the solicitor contacted me embarrassingly acknowledging that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Should my solicitor be making enquiries concerning flooding as part of the conveyancing in East Barming.
Flooding is a growing risk for lawyers carrying out conveyancing in East Barming. There are those who acquire a house in East Barming, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, however there are a numerous checks that may be carried out by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in East Barming. The standard information supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to discover whether the premises has suffered from flooding. If the property has been flooded in past which is not disclosed by the vendor, then a purchaser may issue a legal claim for losses as a result of such an inaccurate response. The purchaser’s solicitors should also commission an enviro report. This will higlight whether there is a recorded flood risk. If so, additional inquiries should be made.
My company is planning to lease a unit on the high street. Can you recommend solicitors offering fixed fees for commercial conveyancing in East Barming for under £1,200?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in East Barming, including the disposal and purchase of businesses as well as simply property. Whether you are hoping to buy or lease a shop, pub, restaurant, office, retail premises or a complete business we can find you the right lawyer. As for the charges this will depend on the structure and heads of terms of the deal. Let us have your details or email us so that we can provide you with a detailed commercial conveyancing calculation.
Can you provide any top tips for leasehold conveyancing in East Barming with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in East Barming can be bypassed if you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers’ representatives. If you hold a share in a the freehold, you should ensure that you have the original share certificate. Organising a replacement share certificate can be a time consuming formality and slows down many a East Barming conveyancing transaction. Where a new share is needed, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity. Some East Barming leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.
Leasehold Conveyancing in East Barming - Examples of Queries before Purchasing
It would be wise to find out if there is anything that is prohibited in the lease. By way of example it is reasonably common in East Barming leases that pets are not allowed in certain buildings in East Barming. If you like the flatin East Barming yet your cat is not allowed to move with you then you will be presented with a difficult decision. Is anyone aware of any major works on the horizon that will likely increase the service costs? This information is useful as a) areas could result in problems in the block as the common areas may start to deteriorate if repairs are not paid for b) if the leasehold owners have an issue with the running of the building you will need to know about it