I can't travel far from Thornton. What is the rationale as to why all Thornton lawyers aren't automatically on all lender panels?
Before the recession most banks displayed an attitude to risk which differs from the current day. The FSA in 2010 carried out a thematic review into property fraud which concluded: know the property lawyers on your panel. As a result, mortgage companies have subsequently looked to extract more information from law firms regarding their operations and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Hundreds of firms have been removed from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the minimum volume of transactions the lenders insisted on.
We are due to exchange buying a house in Thornton but as a consequence of wreckage from a small fire at the property I have was able negotiate compensation from the current proprietors of £3k in the form of a deduction in the price. I had intended this to be addressed as part of a side agreement yet Kent Reliance are not allowing this. Should they have been notified?
Any property lawyer being on a Kent Reliance conveyancing panel is obliged to disclose to Kent Reliance of any variations to the sale price. If you were to refuse your lawyer to report the price change to Kent Reliance then they would have to discontinue acting for you. In addition, Kent Reliance and you would have to appoint a new lawyer for your conveyancing in Thornton.
My property lawyer in Thornton has never been on on the The Mortgage Works Conveyancing Panel. Can I still continue with my family solicitor notwithstanding that they are excluded from the The Mortgage Works list of approved lawyers?
Your options are as follows:
- Carry on with your preferred Thornton lawyers but The Mortgage Works will need to retain a lawyer on their list of acceptable firms. This will inevitably rack up the overall conveyancing fees and cause delays.
- Choose a new practitioner to to deal with the conveyancing, not forgetting to check they are The Mortgage Works approved.
- Try to convince your The Mortgage Works based solicitor to try to join the The Mortgage Works panel
We are selling our house in Thornton and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any local lawyer would know this is not the case. It does beg the question why the buyers instructed a web based conveyancing firm rather than a conveyancing solicitor in Thornton. Having lived in Thornton for three years we know that this is a non issue. Do we contact our local Authority to obtain confirmation that there is no issue.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I opted to have a survey done on a property in Thornton ahead of instructing conveyancers. I have been advised that there is a flying freehold element to the property. Our surveyor advised that some lenders tend not issue a loan on this type of property.
It varies from the lender to lender. Santander has different instructions for example to Halifax. Should you wish to call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Thornton. Conveyancing will be smoother if you use a solicitor in Thornton especially if they are acquainted with such properties in Thornton.
Frank (my husband) and I may need to sub-let our Thornton ground floor flat temporarily due to a new job. We instructed a Thornton conveyancing practice in 2002 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Thornton do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I invested in buying a leasehold flat in Thornton, conveyancing was carried out November 2008. How much will my lease extension cost? Equivalent flats in Thornton with a long lease are worth £171,000. The ground rent is £50 charged once a year. The lease finishes on 21st October 2104
You have 79 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.