Am I correct in assuming that the fact that my conveyancer in Bedford is not identified on my lender's conveyancing panel that there is a problem with the quality of the firm’s work?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed 76% 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 lawyer 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 simply call the Bedford conveyancing practice and ask them why they are no longer on the approved list for your lender.
I am in a contract race with another buyer for a property in Bedford. What can I do to expedite the legal process?
First, If the seller is applying a tight deadline to exchange we would recommend that your lawyer is familiar with the location as they will have local contacts and intelligence. It is possible that they may have transacted otherhouses in the same road. Therefore consider using a Bedford conveyancing lawyer. In addition, make sure that the lawyer is on the member panel. It is estimated that just under twenty per cent of Bedford conveyancing transactions are held up or jeopardised after discovering a buyer’s lawyer was not on their banks panel. This can often result in the transaction being held up by an average of three weeks. It is claimed that this issue affects approximately 100,000 home moves annually. Almost all Bedford conveyancing practices can not act for certain lenders so do check at the outset.
What can a local search tell me concerning the property I am purchasing in Bedford?
Bedford conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Xpress Legal The local search is essential in every Bedford conveyancing purchase; as long as you don’t want any nasty surprises after you move into your new home. The search will provide information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
Are there restrictive covenants that are commonly identified during conveyancing in Bedford?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Bedford. 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…’
I am looking for a ground for flat up to £195,000 and found one close by in Bedford I like with open areas and railway links nearby, the downside is that it only has 61 years on the lease. There is not much else in Bedford in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner 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 consult your conveyancing solicitor about this matter.