Unfortunately I am unable to travel far from Braunstone. Can you please explain the reason why all Braunstone solicitors are not on all mortgage company panels?
Before the recession most lenders exhibited an attitude to risk which differs from the current day. The FSA in 2010 carried out a thematic review into property fraud which in summary warned lenders: know the property lawyers on your panel. As a result, mortgage companies have subsequently looked to extract more data from law firms about their operations and the staff who work for them and set certain criteria such as completing a minimum number of transactions. Hundreds of law practices have been removed from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the criteria of volume of transactions the lenders required.
Finally the sale completed on my house in Braunstone last February but the buyer keeps whats apping daily complaining that his lawyer is waiting to hear from mylawyer. What are the post completion sale formalities following completion?
Following your house sale your lawyer is obliged to forward the transfer deeds and all supplemental paperwork to the buyer’s solicitors. If applicable, your conveyancer should also evidence that the mortgage has been discharged to the purchasers conveyancers. There is unlikely to be post completion formalities just for conveyancing in Braunstone.
I had intended to instruct a conveyancing solicitor in Braunstone for our house move. Our financial adviser has since notified us that our bank Yorkshire Building Society won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Braunstone conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 completed a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms concerning their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum amount of conveyancing. Many Braunstone conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Braunstone is one of the hundreds of areas where the solicitors showing on our search results are on the panel for Yorkshire Building Society.
My wife and I buying a end of terrace house in Braunstone. We would like to carry out a loft conversion at the house.Will the conveyancing process include enquiries to determine if these works are allowed?
Your solicitor will check the registered title as conveyancing in Braunstone will on occasion reveal restrictions in the title documents which prevent certain alterations or need the consent of another owner. Some extensions need local authority planning permissions and approval in compliance with building regulations. Many areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these issues with a surveyor before you commit yourself to a purchase.
How can we know in advance if a Braunstone conveyancing solicitor on the Bank of Ireland panel is any good?
When it comes to conveyancing in Braunstone seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor handling your conveyancing.
I am due to exchange contracts on my house. I had a double glazing fitted in April 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Bank of Ireland are being a right pain. The Braunstone solicitor who is on the Bank of Ireland conveyancing panel is recommending indemnity insurance as a solution but Bank of Ireland are insisting on a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I require expedited conveyancing in Braunstone as I am faced with a deadline to complete inside 2 weeks. A mortgage is not required. Can I avoid the conveyancing searches to save money and time?
If.Given you are not obtaining a home loan you have the choice not to do searches although no lawyer would suggest that you don't. Drawing on years of experience of conveyancing in Braunstone the following are examples of what can be revealed and adversely impact future mortgageability: Enforcement Actions, Overdue Charges, Outstanding Grants, Road Schemes,...
I am in need of some leasehold conveyancing in Braunstone. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Braunstone - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a basement flat in Braunstone, conveyancing having been completed January 2001. Can you work out an approximate cost of a lease extension? Equivalent properties in Braunstone with an extended lease are worth £206,000. The ground rent is £45 charged once a year. The lease ends on 21st October 2086
With just 66 years left to run the likely cost is going to range between £12,400 and £14,200 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.