I am in the process of selling my home in Rednal and the estate agent has just telephoned to advise that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Rednal ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 not going to have any impact on this.
Is it the case that all Rednal CQS (Conveyancing Quality Scheme) solicitors are on the Leeds Building Society conveyancing list of approved solicitors?
A selection of lenders now utilise the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
is it true that all Rednal solicitors on the Virgin Money conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Virgin Money conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. The majority of mortgage companies do allow licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
I have decided to exercise my right to buy my property in Rednal off the council. I have a mortgage agreed with Aldermore. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
I am using a search engine for the phrase conveyancing in Rednal it reveals many property lawyersin the vicinity. With so much choice what is the best way to find the right conveyancing solicitor for my move?
The ideal way of choosing the right conveyancer is via personal referral, so enquire of friends and those you trust who have bought a property in Rednal or the reputable estate agent or financial adviser. Costs for conveyancing in Rednal vary, so it's a good idea to secure a minimum of three fee estimates from different conveyancers. Be sure to seek confirmation that the fees are fixed.
Do you have any advice for leasehold conveyancing in Rednal from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Rednal can be reduced where you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ lawyers. Many freeholders or Management Companies in Rednal charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Rednal. You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. It is therefore important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you are supposed to have a share in the Management Company, you should ensure that you have the original share certificate. Arranging a replacement share certificate is often a lengthy process and frustrates many a Rednal conveyancing deal. If a new share is required, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.
Leasehold Conveyancing in Rednal - Examples of Queries Prior to Purchasing
Most Rednal leasehold flats will incur a service charge for the upkeep of the building invoiced on behalf of the freeholder. Should you acquire the apartment you will have to meet this liability, normally periodically accross the year. This may differ from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent for you to pay yearly, this is usually not a large sum, say about £50-£100 but you need to enquire it because occasionally it can be many hundreds of pounds. Who takes charge for maintaining and repairing the block? Does the lease have onerous restrictions?
How easy is it to change a solicitor as I need to find a Rednal based conveyancer who is on the lender conveyancing panel. How simple is it to change conveyancer?
In the event that you have not formally instructed a solicitor to do anything for you and have just received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Rednal that you're considering.