I am progressing with the sale of my flat in Eye and the EA has just e-mailed to say that the purchasers are swapping law firm. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. On what basis would a big named mortgage company only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Eye ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders attribute this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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. Plenty of firms do not even realise 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.
AssumingI was to buy a straightforward propertyin Eye for cash and have no survey and no conveyancing searches how much would I expect to to save on my conveyancing in Eye?
The only reduction in fees you would achieve is the disbursement for searches. The conveyancing practitioner is obliged to do the vast majority of work - money laundering, liaising with your sellers conveyancing practitioner, SDLT submission, register the property etc. A slight saving might be made by not needing to register a mortgage however it won't be a lot.
Does a directory service exist listing HSBC panel solicitors in Eye on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lenders make their panel listings visible on the web. Where you are in need of a Eye conveyancing practitioner on the HSBC please use our facility.
is it true that all Eye solicitor firms on the Aldermore conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Aldermore conveyancing panel they would need to be regulated by the SRA. Many banks do permit licenced conveyancers on their panel in which case such practice would be regulated by the Council of Licensed Conveyancers.
We were going to get a DIP from UBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do UBS recommend any Eye solicitors on the UBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Eye solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
Should commercial conveyancing searches reveal impending roadworks that could affect a commercial property in Eye?
Its becoming the norm that commercial conveyancing solicitors in Eye will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Eye. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Eye.
For every commercial conveyancing transaction in Eye it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Eye commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Eye.
About to purchase a new build flat in Eye. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Eye
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. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are surveyor prepared.