Is the fact that my solicitor in Thurmaston is not listed on my mortgage company's conveyancing panel that there is a problem with the standard of the firm’s work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed that over three quarters 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 solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Thurmaston conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
Why do I have to pay up front for my conveyancing in Thurmaston?
If you are buying a property in Thurmaston your lawyer will ask you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the purchase price then this should be asked for shortly prior to exchange of contracts. The final balance that is needed will be payable shortly before completion.
Can you clarify what the consequences are if my solicitor is removed from the Virgin Money Conveyancing panel ahead of completing my conveyancing in Thurmaston?
First, this is very unlikely to happen. 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 at a cost.
I'm purchasing my first flat in Thurmaston with the aid of help to buy. The builders refused to reduce the price so I negotiated 6k of extras instead. The house builders rep suggested that I not inform my lawyer about this side-deal as it would jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been sourcing a conveyancing lawyer in Thurmaston for my home move. Is it possible to see a solicitor's complaints history with the profession’s regulator?
Anyone may review published Solicitor Regulator Association (SRA) determinations arising from investigations started on or after 1 January 2008. Visit Check a solicitor's record. For records about the period before 1 January 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The regulator could recorded telephone calls for training reasons.
What are your top tips when it comes to choosing a Thurmaston conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Thurmaston conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Thurmaston conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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What are the charges for lease extension conveyancing?
I bought a 1 bedroom flat in Thurmaston, conveyancing formalities finalised 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Thurmaston with a long lease are worth £265,000. The ground rent is £50 invoiced every year. The lease terminates on 21st October 2101
With 75 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.