Is the fact that my solicitor in Coombe Warren is not listed on my mortgage company's conveyancing panel that there is a problem with the standard of his work?
That would most likely be an incorrect assumption to make. There are plenty of reasonable explanations. Just recently a 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) 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. If you are concerned you should contact the Coombe Warren conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
How up to date is your database of Coombe Warren solicitors on the Nottingham conveyancing panel? Do Nottingham send you an updated list?
Coombe Warren conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.
I am remortgaging my home in Coombe Warren, does my lawyer need to be on the Virgin Money Solicitor panel?
There is nothing to stop you using your solicitor, but Virgin Money will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Due to the input of my in-laws I had a survey completed on a house in Coombe Warren before retaining conveyancers. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies may not issue a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Coombe Warren. Conveyancing will be smoother if you use a solicitor in Coombe Warren especially if they regularly deal with such properties in Coombe Warren.
Is it best to use a Coombe Warren conveyancing practitioner who is local to the property I am purchasing? We have a good friend who can deal with the legal formalities but her office is approximately 350kilometers drive away.
The benefit of a high street Coombe Warren conveyancing firm is that you can pop in to sign documents, hand in your ID and pester them where appropriate. Having local Coombe Warren know how is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and on the whole were happy that must surpass using an unfamiliar Coombe Warren conveyancing solicitor just because they are based in the area.
I dont have enough spare money to pay a 10% deposit on my flat purchase in Coombe Warren , but I am anxious go ahead. Do I have options?
One option is to try and accept a lesser deposit. Many sellers will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment