Me and my fiance are intending to acquire a 2 bedroom apartment in Watton with a mortgage. We wish to retain our Watton solicitor, however the bank advise he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or retain our Watton lawyer as well as pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Watton conveyancing lawyer to apply to be on the conveyancing panel.
After looking at consumer advice sites for a conveyancing lawyer in Watton, most say that I must look for a CQS accredited lawyer. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to prudent and efficient conveyancing processes via the scheme protocol Membership covers many companies who execute conveyancing in Watton.
When it comes to lenders such as Santander, do Watton conveyancing practitioners incur an annual charge to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I'm in the process of viewing apartments in Watton and I am about to put in an offer. Is it wise to have my conveyancer on ‘stand by’? I intend to finance via a mortgage with UBS.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are obtaining a mortgage with UBS, ask your prospective lawyers if they are on the UBS conveyancing panel otherwise they can't do the mortgage legal work.
I was told two weeks ago that my mortgage has been agreed to by Santander. Is it usual for Santander to only issue the offer once my solicitor in Watton is approved on their conveyancing panel? Santander have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Santander to deal with your lawyer's application to be on the Santander conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am buying a new build house in Watton with a mortgage from Platform Home Loans Ltd. The developers refused to reduce the amount so I negotiated £7000 of extras instead. The property agent told me not disclose to my solicitor about the extras as it could impact my mortgage with the bank. 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.
How does the Landlord & Tenant Act 1954 impact my commercial property in Watton and how can your lawyers assist?
The particular law that you refer to provides security of tenure to commercial tenants, granting the legal entitlement to apply to court for a new tenancy and remain in occupation when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Watton is one of our hundreds of locations in which our lawyers are based