Am I correct in assuming that the fact that my solicitor in Carisbrooke is not on my bank's solicitor panel that there is a problem with the quality of the firm’s work?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack 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 Carisbrooke conveyancing firm and ask them why they are no longer on the approved list for your bank.
My wife and I have recently acquired a house in Carisbrooke. We have since encountered a number of issues with the property which we suspect were omitted in the conveyancing searches. Is there anything we can do? Can you clarify the type of searches that needed to have been ordered as part of conveyancing in Carisbrooke?
The query is vague as what problems have arisen and if they are unique to conveyancing in Carisbrooke. Conveyancing searches and investigations initiated during the buying process are designed to help avoid problems. As part of the process, a seller answers a questionnaire called a SPIF. answers ends up being incorrect, then you may have a claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Carisbrooke.
It has been five months following my purchase conveyancing in Carisbrooke took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Carisbrooke differ for newly converted properties?
Most buyers of new build premises in Carisbrooke come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in Carisbrooke usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Carisbrooke or who has acted in the same development.
Over the last few months I have been searching for a flat up to £305k and identified one close by in Carisbrooke I like with a park and railway links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Carisbrooke suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
My husband and I have recently had an offer accepted on a apartment and had meeting on Monday with Leeds Building Society for the mortgage. They advised us that when it comes to selecting a conveyancing practitioner that if they are not on their approved panel of conveyancing practitioners then we will be subject to an an extra fee of £250+. This is is due to the fact that they would then have to instruct a solicitor to act on their behalf as well as the one we appoint on our behalf and we will be on the hook for their costs. I have asked Leeds Building Society to supply me with a list so I can seek quotes only from their approved conveyancers but was told they dont have such a list to hand over. Is there a list online?
You can enquire of Leeds Building Society what their criteria for panel membership is for a conveyancer.Thereafter ask the solicitor of your choice whether they fit that criteria and have they acted on mortgages for Leeds Building Society historically. Where the answer to those is yes, then just double check with Leeds Building Society. Another option is to make use of our search facility and we may be able to locate a solicitor in Carisbrooke on the approved list for Leeds Building Society.