Am I correct in assuming that the fact that my solicitor in Valley is not identified on my lender's conveyancing panel that there is a problem with the standard of her work?
That would most likely be a wrong assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack 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. If you are concerned you should contact the Valley conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
IfI was to acquire a simple residential homein Valley mortgage fee and have no survey and no conveyancing searches how much could I expect to to save on my conveyancing in Valley?
Any savings you would achieve would be limited to the Valley conveyancing searches. A lawyer is required to do the vast majority of work - money laundering, liaising with your vendors solicitor, SDLT return, register the ownership etc. You might save a bit for them not needing to register a mortgage but it won't be a lot.
Is there a reason why leasehold purchase conveyancing in Valley is more expensive?
The conveyancing costs for a leasehold property in Valley is frequently greater than on a freehold residence. This is due to the supplemental work required in corresponding with the landlord and managing agents to obtain information concerning whether the rent and maintenance charges have been paid and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the building.
How does conveyancing in Valley differ for new build properties?
Most buyers of new build property in Valley contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Valley typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Valley or who has acted in the same development.
Should I be suspicious that estate agents that I am dealing with are recommending a national conveyancing firm rather than a High Street Valley conveyancing firm?
As with lots of service providers, often suggestions from relatives can be worth their weight in gold. Yet there are lots of people with a keen interest in a conveyancing matter; estate agents, financial adviser and banks might all recommend solicitors to instruct. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there might be a commercial relationship behind the recommendation. You are free to choose your preferred conveyancer. However, bear in mind that many mortgage providers specify a panel list of solicitors you are obliged to use for the mortgage aspect of your conveyancing.
I am buying a maisonette mortgage free. My solicitor has been handed with 2 distinct evidence of photo ID, bank statement, endless utility bills. Now he requires a copy from a probate lawyer stating that the money is in order and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Valley conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.