Is the fact that my conveyancer in Valley is not listed on my bank's solicitor panel that there is a problem with the standard of her conveyancing?
It would be unwise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Valley conveyancing firm and ask them why they are no longer on the approved list for your bank.
I have recentlyfound out that Arc property Solicitors have been shut down. They conducted my conveyancing in Valley for a purchase of a freehold house 10 months ago. How can I establish that my home is registered correctly in the name of the former proprietor?
The quickest way to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Valley conveyancing specialists.
I am buying a new build house in Valley with a mortgage from Skipton Building Society. The builders would not move on the price so I negotiated £7000 of extras instead. The property agent told me not inform my conveyancer about this deal as it will adversely affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My fiance and I may need to let out our Valley basement flat temporarily due to taking a sabbatical. We instructed a Valley conveyancing practice in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Valley do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Valley Leasehold Conveyancing - Sample of Queries before Purchasing
Is anyone aware of any major works on the horizon that will likely increase the maintenance costs? On the whole the cost for major works tend not to be wrapped into the maintenance charges, albeit that some managing agents in Valley ask tenants to pay into a sinking fund and this is used to offset against major repairs or maintenance. What restrictions are there in the Valley Lease?
My husband and I are buying a studio flat in Valley. At the time of instructing our lawyer, they assured us that they were on all mainstream lender panels. The financial adviser contacted us yesterday to say that they are not on the Yorkshire BS approved list. Were it to be true, what should we do? Should we simply choose a different conveyancing practitioner that is on their approved list or should we cover the costs for separate representation, with Yorkshire BS selecting their own preferred lawyer.
When purchasing a property with mortgage finance it is usual for the buyer’s lawyers to also represent the purchaser's lender. In order to act for a bank or building society a lawyer has to be on that lender's list of approved lawyers. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the solicitor has to meet. Some banks now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should call Yorkshire BS to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on Yorkshire BS's conveyancing panel and you may continue to use your own Valley solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another solicitor into the mix.