I am progressing with the sale of my apartment in Motspur Park and the EA has just called to advise that the purchasers are changing their solicitor. The excuse is that the lender will only deal with solicitors on their conveyancing panel. Why would a major lender only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Motspur Park ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been tightened 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 hearing daily from firms 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.
Having invested time reading consumer advice sites for an affordable solicitor in Motspur Park, most say that I should look for a CQS kitemarked lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in buying or selling property, trusted by some of the UK's major lenders. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). CQS is not a scheme offered by the Council of Licensed Conveyancing. Motspur Park is one of the numerous areas in England and Wales where there are CQS solicitors.
I have been on the look out for a ground for flat up to £245,000 and found one close by in Motspur Park I like with amenity areas and railway links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Motspur Park for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan that many years will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
I have been sourcing a conveyancing practitioner in Motspur Park for my home move. Is it possible to check a firm’s record with the profession’s regulator?
Anyone may find published Solicitor Regulator Association (SRA) decisions arising from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For information Pre 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The SRA could monitor telephone calls for training purposes.
Are you able to confirm the aspects of conveyancing provided by Motspur Park conveyancing firms?
By and large Motspur Park conveyancing solicitors manage to carry out a wide range of assistance to residential and rural land proprietors, sellers, first time buyers, freeholders and tenants assistingwith some of the following:
Residential sale conveyancing in Motspur Park and nationally
Home purchase conveyancing in Motspur Park and also around the country
Transfers of Equity Conveyancing in Motspur Park and further afield Staircasing if you are purchasing a further or final share in your shared ownership property Deeds of variations for leases Planning and boundary enquiries