My fiance and I are hoping to acquire a house in Boreham and have instructed a Boreham conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Alliance & Leicester have this evening contacted us to inform me that they have now hit a problem as our Boreham solicitor is not on their approved list of lawyers. Please explain?
Where you are buying a property requiring a mortgage it is usual for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Boreham lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Due to move into my new home in Boreham next Thursday. My solicitor now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the lender expect the insurance to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These requirements are not unique to conveyancing in Boreham.
I have been on the look out for a ground for flat up to £235,500 and identified one close by in Boreham I like with a park and railway links nearby, however it only has 51 remaining years left on the lease. There is not much else in Boreham in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I need to instruct a conveyancing solicitor in Boreham for my purchase. Is it possible to see a solicitor's complaints history with the legal regulator?
Members of the public may see published Solicitor Regulator Association (SRA) determinations resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find details Pre 2008, or to check a solicitors history, call 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 may monitor call for training requirements.
I am considering using a web based solicitor rather than a Boreham conveyancing practice. Am I making a mistake?
Numerous benefits exist in being able to visit a local Boreham conveyancing solicitor for example
- signing papers on short notice
- getting face-to-face explanations of matters that need explaining
- the ability to complain if things are not going as expected
When comparing fees, look carefully for hidden extras. Most decent Boreham high street solicitors give an all-inclusive figure. Many online companies seem to offer low cost prices, yet have hidden 'extras' in the fine print.