Unfortunately I am unable to travel far from Thurrock. Can you please explain the reason why all Thurrock lawyers are not on all mortgage company panels?
Before the recession most mortgage companies demonstrated an attitude to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancers on your panel. As a result, banks have since looked to extract more information from law firms concerning their operations and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Many law practices have been excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the minimum amount of transactions the mortgage companies required.
In what way does my ID and proof of funds have anything to do with my conveyancing in Thurrock? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identification documents of the potential client they are dealing with prior to agreeing to accepting their conveyancing business. The Terms of Engagement that you need to sign should reaffirm this. Your lender will also require certain documents to be viewed. Where you are unwilling to hand over identification documents, your conveyancer would not be able to act for you.
My brother-in-law has suggested I instruct a conveyancing solicitor in Thurrock. I need to find out if they are on the The Mortgage Works approved list of lawyers. Can you help?
The first thing you should do is call the conveyancer and ask them if they are on the lender panel. Otherwise you should call The Mortgage Works who may be able to help.
We are selling our home in Thurrock and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. A high street Thurrock lawyer would know that there is no such problem. It does beg the question why the purchasers are using a national conveyancing practice as opposed to a conveyancing solicitor in Thurrock. We have lived in Thurrock for 5 years we know of no issue. Should we contact our local Authority to get confirmation that there is no issue.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You must check with 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 health insurance to cover that same sickness)
I have been on the look out for a flat up to £195,000 and identified one near me in Thurrock I like with a park and railway links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Thurrock in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you can 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 with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
My cousin has urged me to use his conveyancers in Thurrock. Do I follow his advice?
Much as we are happy to recommend a Thurrock conveyancing lawyer the best way to select a conveyancing lawyer is to have referrals from friends or family who have used the firm that you are contemplating using.