Unfortunately I am unable to travel far from Tilbury. Can you please spell out why all Tilbury lawyers aren't included on all mortgage company panels?
Pre- 2008 most mortgage companies displayed an attitude to risk which differs from the current day. The FSA in 2010 conducted a thematic review into mortgage fraud which concluded: know the lawyers on your panel. Accordingly, banks have subsequently soughtmore information from law firms about their operations and the staff who work for them and set certain criteria such as completing a minimum volume of transactions. Hundreds of firms have been removed from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the minimum amount of transactions the lenders set.
My friend advised me that where I am purchasing in Tilbury I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes quoted for as part of the standard Tilbury conveyancing searches. It is not a small document of about 40 pages, listing and detailing important information about Tilbury around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Tilbury Education with maps and statistics, Local Amenities and other useful information about Tilbury.
Are there restrictive covenants that are commonly identified during conveyancing in Tilbury?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Tilbury. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Do I need to be suspicious by brokers that I am dealing with are encouraging me to use a national conveyancing firm rather than a local Tilbury conveyancing firm?
As is the case with many professional services, often referrals from relatives can be very helpful. Nevertheless there are numerous players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may put forward solicitors to select. Sometimes these solicitors might be known to one of the organisations as experts in their field, but occasionally there is an underlying commercial relationship behind the endorsement. You are free to appoint your own lawyer. However, bear in mind that many mortgage providers specify a panel list of conveyancers you are obliged to use for the lender aspect of your conveyancing.
Expecting to complete next month on a ground floor flat in Tilbury. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Tilbury should include some of the following:
-
Responsibility for maintaining the window frames Whether your lease provides for a slush account for major works? Are you allowed to have a pet in the flat? What remedies are open the freeholder should you have breached the provisions of the lease?
I am the registered owner of a 1 bedroom flat in Tilbury, conveyancing formalities finalised January 1999. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Tilbury with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2078
With 56 years unexpired the likely cost is going to span between £29,500 and £34,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
I have chosen a Tilbury conveyancing solicitor for our home move (FTB’s) and have picked up in the engagement letter that they are not governed by the Financial Conduct Authority. Am I right to be worried or is that the norm with lawyer?
We can't see why they should be. Most conveyancing practitioner don't lend money. They will be governed by the SRA, who set specific rules covering amounts deposited on client account.