Am I correct in assuming that the fact that my conveyancer in Great Missenden is not on my lender's solicitor panel that there is a problem with the quality of the firm’s work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (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. If you are concerned you should contact the Great Missenden conveyancing practice and enquire why they are no longer on the approved list for your lender.
Can conveyancing in Great Missenden to be concluded inside 28 days?
In the event that you are under time constraints to complete it is highly recommended that your conveyancer is familiar with the area as they will have local relationships and intelligence. It is even conceivable that they could have handled otherhomes in the same road. Therefore consider using a Great Missenden conveyancing firm. Second, check that the conveyancing firm is on the on the approved list for your mortgage company. It is understood that 18% of Great Missenden conveyancing deals are delayed or derailed after discovering a buyer’s lawyer was not on their mortgage lender’s panel. In many cases this discovery resulted in the legal transfer of property being held up by almost 21 days. It is estimated that this issue affects approximately 100,000 home sales annually. Many Great Missenden conveyancing firms can not represent certain mortgage companies so do check as early as possible.
As someone unfamiliar with conveyancing in Great Missenden what is the number one tip you can impart concerning the ownership transfer in Great Missenden
Not many law firms shout this from the rooftops but conveyancing in Great Missenden or throughout England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there is an abundance of opportunity for friction between you and others involved in the home moving process. For example, the seller, estate agent and on occasion the bank. Choosing a solicitor for your conveyancing in Great Missenden is a critical decision as your conveyancer is your adviser, and is the ONLY person in the transaction whose interest is to protect your best interests and to keep you safe.
On occasion a potential adversary may attempt to persuade you that it is in your interests to do things their way. As an example, the selling agent may claim to be helping by claiming that your solicitor is dragging his heels. Or your mortgage broker may try to convince you to do something that is against your solicitors guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
About to purchase a new build flat in Great Missenden. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Great Missenden
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are architect prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I decided to have a survey carried out on a property in Great Missenden ahead of retaining lawyers. I have been told that there is a flying freehold element to the house. Our surveyor has said that some lenders will refuse to issue a mortgage on this type of house.
It varies from the lender to lender. Santander has different instructions from Nationwide. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Great Missenden. Conveyancing may be slightly more expensive based on your lender's requirements.
Is there a reason that Great Missenden conveyancing fees are higher for leasehold and freehold properties?
When acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control