Is the fact that my conveyancer in Babbacombe is not on my mortgage company's conveyancing panel that there is a problem with the quality of his work?
That is most likely a wrong assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Babbacombe conveyancing firm and ask them why they are no longer on the approved list for your bank.
The housing market in Babbacombe is heating up. What can be done to hasten the conveyancing process?
Where you are under a tight deadline for your conveyancing it is highly recommended that your solicitor is familiar with the area as they will make use of local contacts and knowledge. It is possible that they may have transacted otherproperties in the same neighbourhood. Therefore consider using a Babbacombe conveyancing lawyer. Second, ensure that the lawyer is on the on the approved list for your mortgage company. It is understood that just under twenty per cent of Babbacombe conveyancing deals are held up or jeopardised after discovering a buyer’s conveyancer was not on their mortgage lender’s member panel. In many cases this discovery resulted in the conveyancing being held up by almost three weeks. It is claimed that this issue impacts approximately one hundred thousand home moves every year. Almost all Babbacombe conveyancing firms can not represent certain banks so do check as early as possible.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather instruct a high street conveyancing solicitor in Babbacombe?
You should check but the the probability is that give you one of their panel conveyancers if you take up the "fee-free" deal. Call the mortgage company to ask if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor near Babbacombe.
Me and my partner are buying a apartment in Babbacombe. It might be a silly question but how we can trust a conveyancer? At some point we have to put our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I recently had an offer agreed on a house in Babbacombe. My mortgage broker pressured me to appoint their conveyancing practitioner. I paid an on account payment of £200. A few days later, the conveyancer called me to say that they were not on the TSB 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 TSB 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.
About to purchase flat in Babbacombe. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Babbacombe lawyer is on the UBS conveyancing panel.
I have been on the look out for a leasehold apartment up to £305k and identified one round the corner in Babbacombe I like with a park and station in the vicinity, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Babbacombe in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage that many years will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
Why do Babbacombe conveyancing charges are more expensive for leasehold and freehold properties?
There is always more work required for leasehold conveyancing. Babbacombe has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.