I am in the process of selling my apartment in Queensferry and the estate agent has just telephoned to warn that the buyers are appointing a new solicitor. The excuse is that the lender will only engage with solicitors on their conveyancing panel. Why would a major lender only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Queensferry ?
Mortgage companies 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 Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal 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 unlikely to have any impact on this.
The Queensferry conveyancing firm handling our Queensferry conveyancing has spotted a difference when comparing the information in the valuation report and what is in the title deeds. My lawyer informs me that he must ensure that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am buying a new build flat in Queensferry. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Queensferry you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Queensferry.
What is the difference between a licensed conveyancer and conveyancing solicitor in Queensferry
Two types of professional can do conveyancing in Queensferry namely CLC regulated conveyancers or solicitors. The two can administer the legal services that you need to complete the disposal or purchase of property. Both are duty bound to execute Queensferry conveyancing on similar standards and guidelines so you may be safe in the knowledge that your conveyancing will be professionally carried out and that the requisite steps should be accurately taken.
We had appointed conveyancing lawyers located in Queensferry on the Skipton solicitor panel. They have just invoiced me an additional fee for dealing with the Skipton mortgage. Is this a supplemental conveyancing fee specified by Skipton?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your property lawyer is entitled to charge a fee for this. This charge is not set by Skipton but by your Queensferry lawyer. Some firms on the Skipton panel will quote an ‘acting for lender’ fee but some firms include it on their overall fee.
After weeks of negotiation I have agreed a price on an apartment in Queensferry. My mortgage broker suggested a lawyer. I paid an advanced payment of £175. Not long after, the conveyancing practitioner contacted me embarrassingly acknowledging that they were not on the HSBC conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the HSBC panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Do commercial conveyancing searches reveal impending roadworks that could affect a commercial land in Queensferry?
Its becoming the norm that commercial conveyancing solicitors in Queensferry will execute a SiteSolutions Highways report as it reduces the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Queensferry. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Queensferry.
For every commercial conveyancing transaction in Queensferry it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may cause delays to Queensferry commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Queensferry.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one round the corner in Queensferry I like with open areas and railway links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Queensferry in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.