I am in the process of selling my flat in Gloucester and the EA has just called to advise that the purchasers are changing their solicitor. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Gloucester ?
Banks have always had an approved set of law firms that can represent them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders justify this action to a rise in fraud as the reason for the cull – criteria have been narrowed 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 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 buyers are unlikely to have any sway in the decision.
We had instructed conveyancers with offices in Gloucester on the TSB solicitor panel. They are now charging me an additional amount for the legal aspects of the TSB mortgage. Is this a supplemental conveyancing fee specified by TSB?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your conveyancer may levy a fee for this. The fee is not dictated by TSB but by your Gloucester conveyancing practitioner. Some firms on the TSB panel will levy ’dealing with mortgage’ fee but plenty of firms incorporate it on their overall fee.
How can we know in advance if a Gloucester conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Gloucester seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer carrying out your transaction.
I am buying a property in Gloucester. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Coventry BS be concerned?
Given that your lender is Coventry BS your lawyer must follow the formal instructions set out in Part 2 of UK Finance Lenders’ Handbook for Coventry BS. The CML Handbook includes minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Coventry BS where a lease does not comply with these requirements. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Gloucester.
How does conveyancing in Gloucester differ for newly converted properties?
Most buyers of new build or newly converted property in Gloucester come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Gloucester usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Gloucester or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a quick, chain free conveyancing. Gloucester is where the house is located. Can you shed any light on this issue?
Flying freeholds in Gloucester are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Gloucester you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Gloucester may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My partner and I plan to acquire our 1st property in Gloucester. Conveyancing solicitor has been chosen. The mortgage adviser suggested that a survey is not needed as the property was only built twenty two years ago.
The bare minimum you need a Home Buyer's Report. As the residence is more than ten years old the property will not come with a warranty, so you don't want to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report could suffice. They will highlight any apparent issues and suggest further investigation if appropriate. If there are any signs of problems obtain a full Building Survey from the beginning.