Is the fact that my conveyancer in Sherwood is not listed on my bank's solicitor panel that there is a problem with the standard of her work?
That is more than likely an incorrect assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed 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 solicitor 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 simply call the Sherwood conveyancing firm and enquire why they are no longer on the approved list for your bank.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Sherwood. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 1/12/2024, the requirements read as follows :
How does conveyancing in Sherwood differ for newly converted properties?
Most buyers of new build property in Sherwood approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Sherwood typically 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 Sherwood 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 near me in Sherwood I like with open areas and station in the vicinity, however it's only got 52 years unexpired on the lease. I can't really find anything else in Sherwood for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I was pointed in your direction by two or three local property agents in Sherwood to locate a conveyancer on your site. Is there a financial incentive for Estate Agents to offer your services rather than another?
We don’t give any financial incentive for directing people our way. We thought it would be too underhand to pay a commission as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
How and when do I cover the costs of the Stamp Duty Land Tax payable for my house transaction in Sherwood?
The solicitor will fill out a stamp duty return for you during your Sherwood purchase transaction for signature. On completion your conveyancing practitioner will submit your Land Transaction application to the Tax Authorities and - assuming they have the money - pay any land tax due for you.