We instructed a high street lawyer for our conveyancing in Thetford yesterday. Upon checking the Ts and Cs it is apparent thatI am responsible for costs even where the conveyance does not complete. Would I be best advised to choose a web based conveyancing company offering no-sale-no-fee conveyancing in Thetford?
Generally there is a compromise along the lines that if "No Completion No Fee" is advertised then the fee levels will tend to be be more expensive to neutralise the transactions that fail to complete. You should be mindful that these arrangements tend not to cover disbursements e.g. Thetford conveyancing search charges.
The Thetford conveyancing firm handling our Thetford conveyancing has spotted an inconsistency between the assumptions in the valuation survey and what is revealed within the legal papers for the property. My lawyer has advised that he must check that the bank is happy with this discrepancy and is content to go ahead. Is my conveyancer’s stance appropriate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Please explain the implications if my lawyer’s firm is suspended from the Kent Reliance Conveyancing panel ahead of completing my conveyancing in Thetford?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My solicitor has informed me that absentee landlord insurance is needed on my purchase. What is the level of cover for Thetford conveyancing?
The right level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between Barclays and The Mortgage Works. Conveyancing lawyers as opposed to borrowers take out such policies.
I am the sole beneficiary of my late grandmother’s estate and I have everything in my name now, including the my former home in Thetford. Conveyancing formalities meant that the Land Registry date was in August. I plan to dispose of the house. I do know about the CML six month 'rule', which means that my property ownership could be considered the same way as if I'd bought the property in August. Do I have to wait 6 months to sell?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How practical a view mortgage companies take of it, depend on the lender as this requirement primarily exists to capture subsales or the flipping of properties.
I currently have a mortgage with Nottingham for my property in Thetford. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nottingham?
Your original mortgage agreement with Nottingham will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. It may be that Nottingham will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. You need not do this via a Nottingham conveyancing panel solicitor.
I have recentlybecome aware that Arc property Solicitors have closed. They conducted my conveyancing in Thetford for a purchase of a leasehold apartment 12 months ago. How can I establish that the property is not still registered in the name of the previous owner?
The quickest way to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Thetford conveyancing specialists.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Thetford I like with a park and railway links nearby, however it only has 49 years unexpired on the lease. There is not much else in Thetford suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage that many years may be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.