Is the fact that my solicitor in Bangor is not identified on my mortgage company's solicitor panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (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 contact the Bangor conveyancing firm and enquire why they are no longer on the approved list for your lender.
I am under pressure from the executor of a property in Bangor to sign contracts within four weeks. What can be done to quicken up the legal process?
First, If the seller is applying pressure for your conveyancing we would recommend that your lawyer is familiar with the area as they will benefit local contacts and insight. It is possible that they would have handled otherhouses in the same street. You would be best advised to use a Bangor conveyancing firm. In addition, ensure that the lawyer is on the member panel. It is claimed that nearly one in five of Bangor conveyancing deals are delayed or derailed after finding out that a buyer’s lawyer was not on their banks list of approved solicitors. In many cases this discovery resulted in the transaction being held up by as much as three weeks. It is estimated that this issue impacts in the region of one hundred thousand home moves annually. Almost all Bangor conveyancing practices can not act for certain banks so do check as early as possible.
In what way does my ID and proof of funds have anything to do with my conveyancing in Bangor? What am I being asked for?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Bangor. Nowadays you can not complete any conveyancing transaction without first handing over proof of your identity. This usually takes the form of a either your passport or driving licence as well as a utility bill. Remember if you are supplying your driving licence as proof of identification it must be both the paper section as well as the photo card part, one is not sufficient without the other.
Proof of your source of money is required under Money Laundering Regulations. Don’t be offended when when this is requested of you as your lawyer must have this information on record. Your Bangor conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they should also ask additional queries regarding the origin of funds.
Please explain the implications if my lawyer’s firm is expelled from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in Bangor?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My partner and I are spending time viewing apartments in Bangor and I am about to put in an offer. Is it sensible to have my conveyancing practitioner on ‘stand by’? I intend to finance via a mortgage with Virgin Money.
It would be prudent to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are getting a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Bangor lawyer on the HSBC panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
I was told two weeks ago that my mortgage has been agreed to by Lloyds. Is it usual for Lloyds to only issue the offer once my solicitor in Bangor is approved on their conveyancing panel? Lloyds have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
We expect to complete our sale of a £350,000 garden flat in Bangor in just under a week. The management company has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Bangor?
For most leasehold sales in Bangor conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Completing conveyancing due diligence questions
Where consent is required before sale in Bangor
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I invested in buying a leasehold flat in Bangor, conveyancing having been completed March 2007. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Bangor with an extended lease are worth £179,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ceases on 21st October 2081
You have 57 years left to run we estimate the price of your lease extension to span between £26,600 and £30,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.